The Shiba Inu coin saw a 155 percent growth making it the world’s 8th largest cryptocurrency. The petition urging Robinhood to list the meme coin on the portal is likely the force behind this change.
Shiba Inu coin is on fire
Of Late, the meme cryptocurrency has been on a winning streak. The 155 percent growth in the last week raised the meme coin from $0.00002851 to $0.00007445. Additionally, its market cap shot up to $42 billion from $11.2 billion making it the eighth biggest crypto in the world. Moreover, in this process, the Shiba Inu coin kicked Polkadot and the Dogecoin further down in the top 10 list. According to experts, this huge growth is likely due to the support behind a Change.org petition. The online petition requests Robinhood, a trading exchange, to list the meme coin on its portal. So far the petition has over 3,83,000 signatures.
“Shiba Inu has soared by more than 1,000 percent in a month’s time. Most of the growth is driven by huge volumes among retail audiences so much so that the volumes have surpassed that of Bitcoin too on most of the exchanges worldwide. There is strong market anticipation about Shiba Inu being listed on Robinhood which is the force behind the momentum, however, the nature of the coin is also responsible for the sudden rally. At 1 quadrillion, Shiba Inu has been designed to build and drive abundant supply, unlike Bitcoin. So, the current spurt is primarily riding on retail investor sentiments,” said Gaurav Dahake. Dahake is the Founder and CEO of Bitbns.
Sudden surge and long term growth of the meme coin
Unlike the scarce Bitcoin, the Shiba Inu coin is made to be abundant. The coin saw growth after Elon Musk’s tweets. While the meme coin saw random spurts of growth, this has been the biggest so far. In a single day, over Shiba Inu coins worth over $41.8 billion were traded. However, in comparison, the bitcoin trade was only worth $40 billion.
“The surge of Shiba Inu token price happened after Elon Musk tweeted the picture of his new pet dog, Floki, who is the same breed as the one we see on the Shiba Inu token,” said Tarusha Mittal. Mittal is the Co-Founder and COO of OroPocket & UniFarm. Additionally, she is also a member of the Blockchain and Crypto Assets Council (BACC). “Another reason could be the vociferous support of its followers to get the coin listed on Robinhood. These surges happen often at a whim and a lot of speculation is at the helm, these tokens are called meme coins for they have no intrinsic value but the value being ascribed to them due to these external factors – influencers – make them valuable,” she added.