While most cryptocurrencies are red, SHIB token has seen a massive increase and reached a new high.
What began as a prank cryptocurrency is now a serious investment for retail traders. Shiba Inu (SHIB) has made tremendous gains in the last month, outperforming other cryptocurrencies and setting consecutive all-time high records, the most recent of which was over $0.000068 on October 27th.
Another ATH for SHIB Token
The crypto meme, which promised to be a Dogecoin killer when it first launched last year, has increased nearly 900% in the last month, 100% in the last seven days, and 40% in the last 24 hours. Depending on which data aggregator (CoinMarketCap or CoinGecko) is used, it is the 11th or 9th largest cryptocurrency by market cap.
The majority of cryptocurrencies are in the red, but SHIB is still in the black. Bitcoin, the largest digital asset by market capitalization, failed to break through the $64,000 barrier this week, retracing below $60,000. Most altcoins have also suffered losses, with Ethereum (ETH) barely remaining above $4,000.
What’s more impressive is SHIB’s YTD performance – over 60,000,000%. Since the beginning of 2021, making a hypothetical $1,000 investment on January 1st worth millions of dollars now, assuming the trader still held it.
Not only has SHIB token raised its price, but Shiboshis, Shiba Inu’s NFTs, has also seen a surge in demand. The Shiboshis is an NFT collection of 10,000 digitized creatures that sold out in less than an hour; with some selling for as little as 0.1 ETH to 0.3 ETH.
Outperform Them All
Data from the analytics firm Into The Block confirmed SHIB’s incredible month and week. The trading volume and the number of transactions have increased dramatically over the last seven days.
New addresses have continued to appear, with nearly 50,000 joining during the same period. Given those above new all-time high just hours ago; the firm concluded that nearly 100 percent of all wallets are now profitable.
Over 320,000 Traders are Asking Robinhood to Add SHIB
A petition on Change.org to list SHIB on Robinhood Markets Inc resulted in a significant boost for the coin. Robinhood CEO Vlad Tenev stated that the broker is “carefully” considering adding new coins to the platform; and SHIB has over 320,000 signatures from retail traders eager to trade it.
Robinhood had a bad quarter this year; with its crypto revenues plummeting by 78 percent in the third quarter of 2021. The decline is attributed to dwindling demand for Dogecoin (DOGE).
The firm’s total net revenues hit $365 million during Q3, falling short of the expected $423.9 million. The disappointing numbers could push Robinhood to add SHIB token to the list; considering the astronomic amount of trading volume in other exchanges.
Source: Cryptopotato