The Shiba Inu climbs to a new record
Robinhood Markets’ ability to add Shiba Inu to their platform set the digital currency to a new record.
Shiba Inu (SHIB) – a Dogecoin derivative – has gained nearly 30% in the past 24 hours, according to CoinMarketCap. It is currently the eleventh largest digital coin with a market value of almost 24 Billion USD.
A petition on Change.org asked Robinhood to add Shiba Inu to their platform and has over 326,000 signatures. During the October 26 financial results meeting, Robinhood CEO Vlad Tenev considered adding new cryptocurrencies to the platform.
“We feel very good about the digital currencies listed on the platform, and with potentially new coins on the platform, we want to feel the same, if not better, more,” said Mr. Tenev.
Coinbase Global Exchange added SHIB tokens in September 2021.
Cryptocurrencies have become an important part of Robinhood’s growth momentum. Last month, Robinhood announced it was offering a virtual wallet, a tool that allows investors to send and receive digital coins. The company says more than 1 million customers are looking forward to the virtual wallet service. In its most recent filing for approval, Robinhood said 64% of its virtual currency revenue comes from Dogecoin.
The price of the Shiba Inu has fluctuated a lot recently. Previously, the digital currency was rejected after Elon Musk tweeted that he doesn’t own Shiba Inu and is only buying Bitcoin, Ethereum and Dogecoin.
Shiba Inu was created in 2020 by an anonymous person named Ryoshi, and the coin’s website describes it as “a decentralized meme token that has evolved into a living ecosystem”.
This coin appears to have been created to follow Dogecoin, a cryptocurrency created as a joke in 2013 that also represents the Shiba Inu, a Japanese breed of dogs. Dogecoin then became a popular cryptocurrency that was used to pay for some services from some soccer teams, AMC cinemas, etc.
According to CoinGecko, Dogecoin has also recovered in the past 24 hours. Market value is approximately 34.6 Billion USD, while Shiba Inu’s market capitalization is at 24. has risen Billion USD.
Vu Hao (according to Bloomberg)