What started as a cryptocurrency joke is now turning into a serious investment for retail traders. Shiba Inu (SHIB) has made tremendous gains in the past month – outperforming other cryptocurrencies and hitting consecutive all-time high records with the latest at over $0.000068 earlier on October 27th.
Another ATH for SHIB
The crypto meme, which promised to be a Dogecoin killer when it launched last year, has jumped nearly 900% in the past month, 100% in the past seven days, and 40% in a year. Depending on which giant data aggregator (CoinMarketCap or CoinGecko) one looks, it’s either the 11th largest cryptocurrency by market cap or the 9th.
Most cryptocurrencies are in the red, while SHIB remains on the green side of the story. The largest digital asset by market cap, bitcoin, failed to overcome the $64,000 line this week, retracing below $60,000. Most altcoins also suffered losses, with Ethereum (ETH) barely exceeding $ 4,000.
What’s more impressive is SHIB’s YTD performance – over 60,000,000% since the start of 2021, making a hypothetical investment on January 1st of $1,000 to be worth multi-million dollars now, if, of course, the trader still held it.
SHIB not only raised its price, but the Shiboshis, the NFTs of Shiba Inu, also saw massive demand. The Shiboshis is an NFT collection of 10,000 digitized creatures that sold out in less than an hour, some of them selling for 0.1 ETH to 0.3 ETH.
Surpass them all
Data from analytics firm IntoTheBlock also confirmed SHIB’s breathtaking month and week. The trading volume skyrocketed in the past seven days and so did the transactions.
New addresses continued to appear, with nearly 50,000 joining in the same time frame. Somewhat expectedly given the aforementioned new all-time high just hours ago, nearly 100% of all wallets are now in profit, the firm concluded.
Over 320,000 traders ask Robinhood to add SHIB
A dramatic boost for SHIB came after a petition on Change.org to list the coin on Robinhood Markets Inc. Vlad Tenev, CEO of Robinhood, said the broker is “carefully” considering adding new coins to the platform, and SHIB has more than 320,000 signatures from retail traders eager to trade it.
Robinhood had a bleak quarter this year, as its crypto revenues plunged 78% in the third quarter of 2021. The drop is attributed to the diminishing demand for Dogecoin (DOGE).
The company’s total net sales reached $ 365 million in the third quarter, below the expected $ 423.9 million. The disappointing numbers could push Robinhood to add SHIB to the list, considering the astronomic amount of trading volume in other exchanges.
