Shiba inu Price: Crypto Market Cap Surpasses Dogecoin After Robinhood Trading Rumors

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Bitcoin and all the other major cryptocurrencies plunged overnight, but amid the turmoil, one coin continued to turn the tide.

In a wash of red in the cryptocurrency market on Thursday morning, there was one coin of the brightest shade of green left.

Shiba inu dog cryptocurrency (SHIB) continued to break records during its best week ever where it rose more than 111% and hit a new high just after 6 a.m. increased by 40% overnight.

SHIB hit US $ 0.00008088 earlier this morning, according to CoinGecko, which is a 140 million percent improvement from its low last year in November.

While its price may seem low, this is a massive increase since the coin first traded in August 2020 at $ 0.000000000972 and comes on a morning when bitcoin and most other coins majors have fallen sharply.

Created in August 2020 by an anonymous person who called himself “Ryoshi” as a spin-off of dogecoin, SHIB now rivals its predecessor for market capitalization after crossing the $ 30 billion mark.

The coin, which has the Japanese dog as its mascot, now lags behind dogecoin, which ranks 10th among cryptocurrencies with a market cap of $ 31 billion.

Much of the spike is attributed to rumors that the coin is listed on the Robinhood trading platform.

These rumors ironically saw SHIB grow to a larger market cap than Robinhood – which is $ 30 billion.

Coinmomo, a cryptocurrency analysis website, reported this weekend, without citing any sources, that SHIB would be listed on Robinhood on Monday.

Although the coin was not listed on Monday, Robinhood then sent out a survey to users asking them what cryptocurrencies they were trading and included optional shiba inu.

A petition on Change.org imploring Robinhood to include SHIB on its platform has garnered more than 360,000 signatures at the time of writing.

Twitter users are optimistic about the coin, especially after a few words chosen by Robinhood’s CFO on Wednesday Australian time.

On Tuesday local time, Wall Street analysts asked Robinhood executives on a conference call if they would list additional cryptocurrencies on its platform.

“We hear from customers that they want more coins,” said company chief financial officer Jason Warnick.

“We are, you know, very careful and diligent in this space. It is evolving from a regulatory point of view. A number of questions have been raised that coins on other platforms are potentially unregistered titles.

He added, “We think it’s the right thing, not only for the shareholders and for the company, but also for the clients to make sure that we, you know, apply the same kind of due diligence to all of them. new parts. … We hear from our customers and they want more functionality, and so we’re going to be working, you know, as fast as possible with the right balance of security and compliance to make sure we don’t slip up here. “

In late 2013, American software engineer Billy Markus and Australian entrepreneur Jackson Palmer created dogecoin as a joke to poke fun at the savage cryptocurrency speculation at the time.

They used a Japanese dog, a shiba inu, as a mascot for their play.

Shiba inu is now just two places behind dogecoin in the crypto rankings, with doge at number 10.

In just over a year, SHIB has almost caught up with doge who has been in the market for seven years.

Analysts argue that this is a sign that the market is “overheated”.

“Dog coins are spinning again, which historically has been a pretty good indication of an overheating market,” Delphi Digital analysts said in a market note released Monday. “The first time dog coins went wild was from April to May of this year and quickly turned to craters when the crypto markets cooled. In early September, dog coins were all the rage again, and the broader crypto market experienced fairly deep deleveraging. “

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