The growing clamor for Robinhood Markets Inc. to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs.
The SHIB token, as it’s known, has risen 13% in the past 24 hours, according to data from CoinGecko. It is currently the 11th-biggest crypto with a market value of nearly $24 billion.
A petition on Change.org asking Robinhood to list Shiba Inu—a Dogecoin-inspired meme cryptocurrency—now has more than 326,000 signatures. On the company’s earnings call Tuesday, Robinhood Chief Executive Officer Vlad Tenev said it’s “carefully” considering adding new coins to its offerings.
“We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,” Tenev said.
Coinbase Global Inc. added the token last month.
Crypto has become more critical to Robinhood’s growth. Last month, the brokerage said it planned to offer crypto wallets, a tool that allows investors to send and receive digital currencies. The waitlist for that product has topped 1 million customers, the company said previously. According to its last filing, 64% of crypto revenue came from Dogecoin.
Trading in Shiba Inu has been volatile on its way up. The crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin. In a follow-up tweet, he said he had bought Bitcoin, Ether and Dogecoin, and “that’s it.”
Bitcoin, Ethereum, Dogecoin Take A Dive As ‘Extreme Greed’ Prevails, Shiba Inu Shoots To All-Time High
Major coins declined on Tuesday evening as the global cryptocurrency market capitalization fell 2.25% to $2.56 trillion.
What Happened: Bitcoin
fell 4.04% to $60,425.75 over 24 hours. Over a seven-day period, it has fallen 6.11%.
The second-largest cryptocurrency Ethereum
fell 1.93% to $4,129.57 over 24 hours. Over the last seven days, it has risen 6.57%.
Meme cryptocurrency Dogecoin
was down 3.08% to $0.26 over 24 hours. Over a seven-day trailing period, it has risen 4.25%.
DOGE-rival Shiba Inu rose 12.25% to $0.00004719 over 24 hours. It was the second-highest gainer over the period, as per CoinMarketCap data. Over a seven-day period, it has shot up 68.22%.
Shiba Inu touched an all-time high of $0.00004948 on Tuesday and was trading 3.92% below that level at press time.
The top 24-hour gainer was Holo, which rose 18.01% over 24 hours to $0.0114. It has gained 23.64% over the last seven days.
The token associated with a peer-to-peer distributed platform traded 23.12% and 20.33% higher against BTC and ETH respectively.
“The Crypto Fear and Greed Index is back to highs we haven’t seen since early March, officially marking “Extreme Greed” levels. However, this doesn’t mean a deep pullback is guaranteed, especially since momentum is a key input into the index’s calculation,” said independent research firm Delphi Digital, in an emailed note.
On-chain data indicate that long-term holders of Bitcoin are taking modest profits. Using dormancy as a metric, on-chain analysis firm Glassnode pointed out that a pre-bull dormancy baseline of near 50-days was established throughout 2019-20.
Using this baseline Glassnode gauged accumulation vs distribution. A significant uptick in dormancy shows “Hodling.”
A chart shared by Glassnode shows notable accumulation near the mid-September period when the price of the apex cryptocurrency saw a decline.
Shiba Inu is the third most googled crypto in 2021, new study shows
Shiba Inu is the world’s third most googled cryptocurrency in 2021, a new study shows, as the meme coin climbs to its all-time high.
Shiba Inu has received 2.8 million searches on average per month so far in 2021, according to a recent study by Bacancy Technology. That compared with 22 million average monthly search volume of bitcoin and 6.3 million of ethereum.
Another Dog-themed coin Dogecoin DOGEUSD, -3.79%, ranked sixth, according to the study.
SHIB reached an all-time high of $0.0000497 earlier Tuesday. The cryptocurrency most recently traded at $0.000047, notching a 14.1% gain in the past 24 hours and a 72% gain in the past seven days, according to CoinDesk data.
The token posted a gain of 579% over the past 30 days, pushing its total market capitalization to $18.7 billion, the 11th largest among all cryptocurrencies.
Shiba Inu’s decentralized exchange Shiba Swap, which was launched in July, saw a jump in its trading volume in October, recording an all-time high of $452 million on Oct. 7, according to data from its website. It recorded an volume of $100.6 million on Monday.
Bitcoin BTCUSD, -1.98% recorded a 1.3% loss in the past 24 hours, recently trading at $61,986. Ether was trading at $4,208, 3.9% below its all-time high of $4,379 in May, according to CoinDesk data. Dogecoin recently traded at $0.27, down 0.3% over the past 24 hours.
Shiba inu coin soars 22% to another record after crypto whale buys 277 billion tokens
Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether, soared more than 20% on Tuesday to hit a record high of $US0.00004853, according to data from CoinMarketCap.
The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $US11.5 ($AU15) million, according to data from WhaleStats, which tracks activity for the 1,000 largest ether wallets.
The purchase brought the crypto whale’s total holdings in shiba inu coin to 316.5 billion, worth about $US15 ($AU20) million and the largest position in the wallet.
The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $US67,000 ($AU89,367). Shiba inu’s Tuesday surge catapulted its market value to $US18.8 ($AU25) billion, making it the 11th largest cryptocurrency.