All the reasons Shiba Inu Coin Price Soars to Record High After Robinhood Petition

Shiba Inu coin, named for the memeified dog breed, is the joke spin-off of the popular cryptocurrency Dogecoin (DOGE). Today’s record-breaking price comes after a Change.org petition requested that Robinhood list the coin on its trading platform. The petition has received 334,500 signatures so far.

Shiba Inu’s price began to surge over the weekend after SHIB community Twitter account @ShibaInuNews shared a screenshot of a survey Robinhood circulated regarding SHIB’s potential listing. On Sunday, the coin saw an initial all-time high of $0.00004442, up 60%, and became the 13th-largest cryptocurrency by market cap. The price jumped to $0.00004853 on Tuesday.

Related: Elon Musk Sends Crypto Coin Plummeting: ‘True Value is Building Products’

Now, Shiba Inu is the 11th-largest cryptocurrency with a market cap of $21.5 billion.

On Monday, a crypto whale (someone who owns vast amounts of crytocurrency, typically millions) bought $11.5 million worth of SHIB tokens, further accelerating the coin’s price increase.

Dogecoin also surged over the weekend, shooting up 8% after Tesla and SpaceX CEO Elon Musk tweeted about the token on Saturday. It’s not the first time Musk’s tweets have significantly shaken up cryptocurrency markets.

The Shiba Inu cryptocurrency coin continued its legendary bull run on Thursday, climbing 37% in the last 24 hours. At roughly midnight (EST), Shiba Inu reached a new all-time high of $0.000088, but the price has since dipped 15% to $0.000073.

The Shiba Inu coin, which trades as SHIB, was briefly the world’s seventh-largest crypto token in the world with a market cap of over $51 billion—roughly equivalent to the value of streaming service Spotify.

On Thursday, after surpassing the other dog-themed meme coin Dogecoin, Shiba Inu’s value only trailed that of the most established players in the cryptocurrency world, including major coins Bitcoin, Ethereum, and Cardano.

Shiba Inu’s miraculous rise from second-tier meme coin into crypto giant is largely thanks to the so-called SHIB Army, a large and devoted group of fans and investors.

But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app Robinhood also helped spark SHIB’s recent trading frenzy. Shiba Inu investors and community members believe that a Robinhood listing could propel the coin to even greater heights, and a change.org petition imploring Robinhood to list the new coin has gathered nearly 400,000 signatures.

The parody cryptocurrency — which appears to be inspired by dogecoin, another meme cryptocurrency — is up almost 30% over the past 24 hours, according to CoinGecko. It has pared back some of its gains since hitting its all-time high early morning US time, but remains the 11th biggest digital currency by market capitalization.
The token, which was launched last year, has surged roughly 100% in the last seven days, and now has a a market value of about $26 billion.
Like dogecoin, shiba inu coin features the Shiba Inu dog as its mascot. Its meteoric rise has made some investors millionaires overnight.

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