Shiba Inu (SHIB), one of the most popular meme coins, surged to an all-time high for the first time since May 11. The meme coin reached new highs of $0.0004432 over the weekend. SHIB stock is up more than 50% in just 24 hours, according to CoinGecko pricing.
Related reading | Shiba Inu outperforms Chainlink and occupies a place in the top 15 crypto assets
With a market capitalization of $21.4 billion, Shiba Inu is currently the 13th largest cryptocurrency. It comes close to Dogecoin, which now ranks 11th with a market capitalization of $33.86 billion. However, both coins can be very volatile.
She is also now much richer than Aliko Dangote, the richest man in Africa, who according to Forbes magazine has a fortune of 13.6 billion dollars.
Shebaa Inu crowd
The recent rally in Shiba Inu can be attributed to the continuous upward trend that started about two weeks ago. Since then, Shiba Inu has maintained a one-week support at around $0.000028 before resuming climbing to its most recent record.
Related reading | Why Shiba Inu (SHIB) stock rose 266% after the largest dump in its history
“At the moment, it appears that interest has converged on SHIB and speculation is the main driver of the price rally,” Ben Caslin, head of research and strategy at cryptocurrency exchange AAX, told Bloomberg on Sunday. “Previous patterns and dynamics in cryptocurrency indicate that SHIB is likely to be challenged by other projects and give up much of its value in the market cycle,” he added.
SHIB price jumps to $0.000043 | Source: SHIBUSD on TradingView.com
Shiba Inu is a decentralized cryptocurrency created in August 2020 by an unknown person or people known as “Ryoshi”. The coin’s website refers to it as “a decentralized meme that has evolved into a vibrant ecosystem.” It is modeled after the Dogecoin, which is also modeled after the Japanese dog breed. It is also called “Dogecoin Killer”.
Vijay Ayyar, Head of Asia Pacific with Luno Pte Cryptocurrency Exchange said. , in a message on Sunday: “With coins like this meme, it is hard to speculate on the actual causes of price movements, in all honesty.” But “there are some very interesting communities being built around them.”
Robinhood rumors fuel the rally
There are rumors that crypto exchange Robinhood is preparing to list Shiba Inu. According to a recent tweet from the prominent SHIB Twitter account, Robinhood may consider adding the meme coin to its list of trading assets.
BREAKING NEWS: Robinhood is emailing this survey to identify users of their platform.
They are including #SHIB As one of the answers to choose!
Conduct market research clearly about what consumers want. pic.twitter.com/ovBNV2p0Wl
– Shiba Inu News (@ShibalnuNews) October 22 2021
There is also a Change.org petition urging Robinhood to include SHIB on its platform, which has more than 300,000 signatures.
During an interview with CNBC earlier this week, Robinhood CEO Vladimir Tenev reportedly declined to comment on whether the company would make the list.
Featured image by Binance Research, Chart from TradingView.com