Shiba Inu (SHIB), one of the most popular meme coins; has reached a new high for the first time since May 11. Shiba Inu gains 50% to ATH due to Robinhood Rumors. Over the weekend, the meme coin reached a new high of $0.00004432. According to CoinGecko pricing, SHIB has increased by more than 50% in just 24 hours.
Shiba Inu is the 13th largest cryptocurrency, with a market cap of $21.4 billion. It is approaching Dogecoin, which is now ranked 11th with a market cap of $33.86 billion. Both coins, however, can be quite volatile.
It is also now worth more than Africa’s richest man, Aliko Dangote, who is worth $13.6 billion according to Forbes.
Shiba Inu Rallies
The latest Shiba Inu rally can be attributed to an ongoing bullish trend that began about two weeks ago. Shiba Inu has since maintained week-long support at around $0.000028 before resuming its bull run to its current high. Shiba Inu gains 50% to ATH due to Robinhood Rumors.
“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 and strategy at crypto exchange AAX, said 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 decentralised cryptocurrency founded in August 2020 by an anonymous individual or individuals known as “Ryoshi.” According to the coin’s website; it is “a decentralised meme token that evolved into a vibrant ecosystem.” It was inspired by Dogecoin, which is also based on the Japanese dog breed. It’s also known as 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
According to rumours, the cryptocurrency trading platform Robinhood is getting ready to list Shiba Inu. According to a recent tweet from a well-known SHIB Twitter account; Robinhood may be thinking about adding the meme coin to its list of trading assets.
There is also a petition on Change.org with over 300,000 signatures urging Robinhood to include SHIB on its platform.
Robinhood CEO Vladimir Tenev reportedly refused to comment on whether or; not the company would be listed during an interview with CNBC earlier this week.