Shiba Inu Coin Price Jumps 300% on Robinhood Rumor
The price of the Shiba Inu coin SHIB has risen dramatically over the past few days, landing the #13 spot as the most valuable cryptocurrency by market capitalization. Currently, Shiba Inu market cap stands at a staggering $11.95 billion, a far cry from the $2.5 billion it held at the beginning of August.
What sent the small meme coin soaring, you may ask? A perfect storm of factors including a petition from eager proponents of the coin. With over 230,000 signatures at the time of publishing, a circulating petition on change.org urged the popular trading app Robinhood to list the Shiba Inu Coin on its platforms similar to SHIB’s recent listing on Binance. Fueled by the excitement surrounding this petition, the coin surged nearly 300% as many found it to be convincing enough for the platform to execute. The petition used Dogecoin’s success on trading platforms as a reference point, describing Shiba Inu as a “similar meme coin with genuine potential”.
This was not a standalone incident for the coin, either. Just last week, a cryptic tweet from none other than Elon Musk had the coin surging upwards within hours of it being shared. Musk had tweeted a photo of his adorable Shiba Inu puppy captioned, “Floki Frunkpuppy” – presumably the puppy’s name. A few hours later, the SHIB coin price had surged 40% as many saw this tweet as an endorsement of the token by the Tesla CEO.
Back in June, the world’s “joke currency” DOGE was far from laughable when it was listed on Coinbase, an event that sent it soaring more than 40%.
Since the beginning of September, “altcoin autumn” has been hurtling many smaller tokens upwards such as Solana’s SOL token which saw a rise of 300%. Even Bitcoin has been trending upward, surpassing the $50,000 mark and looking to break the $60k resistance levels.
For more on altcoin season, be sure to check out Dchained’s comprehensive video:
Should it be listed, SHIB would join the likes of DOGE on Robinhood, a token that has seen a growth of +4,400% year to date. At the time of publishing, SHIB stood at $0.000029, making it an ultra-accessible investment opportunity for those who wish to foray into memecoins.