Shiba Inu (SHIB), one of the most popular meme coins, soared to an all-time high for the first time since May 11. The meme coin reached brand-new heights of $0.00004432 over the weekend. SHIB was up over 50% in simply 24 hr, according to the rates from CoinGecko.
With a market cap of $21.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is getting closer to Dogecoin, which is now in 11th location with a market cap of $33.86 billion. Both coins, nevertheless, can be rather unstable.
It is also now worth more than Africa’s richest man, Aliko Dangote, who, according to Forbes, is worth $13.6 billion.
Shiba Inu Rallies
Shiba Inu’s newest rally can be credited to a continuous bullish pattern that began about 2 weeks back. Since then, Shiba Inu maintained week-long support at approximately $0.000028 before resuming a bull run to its latest record.
“At this moment attention seems to have converged on SHIB and speculation is the primary driver of the price surge,” Ben Caselin, head of research study and method at crypto exchange AAX, stated on Sunday to Bloomberg. “Prior patterns and dynamics in crypto indicate that SHIB is likely to be challenged by other projects and shed much of its value further along in the market cycle,” he added.
Shiba Inu is a decentralized cryptocurrency developed in August 2020 by a confidential individual or individuals referred to as “Ryoshi”. The coin’s website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.” It was designed off Dogecoin, which is likewise made after the Japanese canine type. It is likewise called the “Dogecoin Killer.”
“With such meme coins it’s hard to speculate on the actual reasons for price movements, in all honesty,” Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., said in a message Sunday. But “there are some interesting communities being built around them.”
Robinhood Rumors Fueling Rally
There are rumors that crypto trading platform Robinhood is preparing to list Shiba Inu. According to the recent tweet by a prominent SHIB Twitter account, Robinhood might be considering adding the meme coin to the list of trading assets.
There is likewise a petition on Change.org advising Robinhood to note SHIB on its platform, and it has more than 300,000 signatures.
During his interview with CNBC earlier this week, Robinhood CEO Vladimir Tenev reportedly refused to comment about whether or not the company would make the listing.
