Shiba Inu (SHIB) jumps 50% to ATH in Robinhood rumors

Shiba Inu (SHIB) is one of the most popular meme coins, which surged to a record high for the first time since May 11. The memecoin reached a new high of $0.00004432 over the weekend.According to SHIB’s pricing, SHIB has risen by more than 50% in just 24 hours Coin Tiger.

Related Reading | Shiba Inu surpasses Chainlink and enters the top 15 crypto assets

Shiba Inu has a market capitalization of US$21.4 billion and is currently the 13th largest cryptocurrency. It is getting closer and closer to Dogecoin, which is now ranked 11th with a market capitalization of 33.86 billion U.S. dollars. However, both of these tokens can be very unstable.

It is now worth more than Aliko Dangote, the richest man in Africa. According to Forbes, the latter is worth $13.6 billion.

Shiba Inu Rally

Shiba Inu’s latest rebound can be attributed to the continued bullish trend that began about two weeks ago. Since then, Shiba Inu has maintained a one-week support of approximately $0.000028 before resuming the bull market to its latest record.

Related Reading | Why Shiba Inu (SHIB) rose 266% after the biggest sell-off in its history

“At this time, attention seems to be focused on SHIB, and speculation is the main driver of the price surge,” said Ben Caselin, head of research and strategy at AAX, a cryptocurrency exchange. Said To Bloomberg on Sunday. “The previous patterns and dynamics of encryption indicate that SHIB may be challenged by other projects and further depreciate most of its value during the market cycle,” he added.

SHIB price jumps to $0.000043 | Source: SHIBUSD on TradingView.com

Shiba Inu is a decentralized cryptocurrency, created in August 2020 by anonymous individuals or people called “Ryoshi”.Coin website Call it “a decentralized meme token that has evolved into a vibrant ecosystem.” It is modeled on Dogecoin, which is also designed based on Japanese dog breeds. It is also known as the “Dogecoin Killer”.

Vijay Ayyar, head of the cryptocurrency exchange Luno Pte. Asia Pacific, said in a message on Sunday: “Honestly, with such memcoins, it is difficult to speculate on the actual reasons for the price changes.” But “something has been built around them. Interesting community.”

Robin Hood rumor fuels rally

There are rumors that Robinhood, an encrypted trading platform, is preparing to list Shiba Inu. According to a recent tweet from a well-known SHIB Twitter account, Robinhood may be considering adding memecoins to the list of trading assets.

there’s still one petition Robinhood was urged on Change.org to list SHIB on its platform, which has more than 300,000 signatures.

During his time interview According to CNBC reports earlier this week, Robinhood CEO Vladimir Tenev declined to comment on whether the company will go public.

Featured image by Binance Research, Chart from TradingView.com



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