Shiba Inu coin price skyrockets to record high despite crypto crash – .

Shiba Inu coin price skyrockets to record high despite crypto crash – .

Amid a bitcoin price collapse that wiped out hundreds of billions of dollars in the crypto market, a coin meme turned the tide by hitting a new all-time high on Wednesday.
Shiba Inu (SHIB) rose more than 42 percent, building on gains of more than 700 percent since early October. Most notably, rival dogecoin has risen more than 700,000% since January.

To follow The independentlive coverage of the crypto market

The price hike took Shiba Inu’s market cap to above $ 20 billion, making it the 11th most valuable cryptocurrency in the world, just behind dogecoin.

Similar to dogecoin, the token is derived from the Doge meme which first gained popularity in 2013, with its price being fueled by a memes loving community.

The skyrocketing price appears to be linked to optimistic speculation that the popular Robinhood trading app may soon make it available to clients for trading and investing. A petition calling on Robinhood to register it has already received more than 340,000 signatures.

“Dogecoin has been a huge success for Robinhood and its investors,” the petition states. “Shiba Inu is a similar coin with real potential, up 2,000% over the past few weeks… Encourage Robinhood to be the first traditional brokerage to get on this train! “

Shiba Inu is currently only available for purchase on traditional cryptocurrency exchanges, like Binance and Coinbase, although users reported issues with its purchase on Wednesday, potentially due to the huge interest in the move. soaring prices.

Shiba Inu’s price has also benefited from tweets by Elon Musk, who owns a Shiba Inu dog and has frequently backed dogecoin.

The boss of SpaceX and Tesla revealed earlier this week that he personally does not own any Shiba Inu coins, saying his personal crypto holdings do not extend beyond bitcoin, Ethereum (ether) and dogecoin.

The popularity of Shiba Inu has been described by some industry figures as positive for the crypto market as it attracts more retail money into the space.

Other experts have warned people to be careful when investing in coins, as price movements are almost entirely fueled by sentiment – which can change abruptly.

“Social media and financial influencers are great for introducing the concept of cryptocurrency, but investors need to recognize the value of entertainment that occurs online and dig deep into crypto themselves before making a decision,” Michael said. Kamerman, CEO of the crypto trading platform Skilling. The independent.

“It’s a high risk investment and like any investment, you need to understand what you’re investing in and make a rational and emotionally intelligent decision. “


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