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Source: India Today
Oct 28, 2021
Shiba Inu meme crypto hits all-time high after petition for Robinhood listing gains momentum
Shiba Inu, the cryptocurrency inspired by a meme on Dogecoin, which itself is a meme-inspired cryptocurrency, has hit an all-time high in price, thanks to a petition that demands the meme coin listed on Robinhood. Even though Dogefather, Elon Musk, has clearly stated he prefers Dogecoin over Shiba Inu despite the big speculation, Shiba Inu's market cap surged to over $38 billion on Wednesday. The SHIB touched the $0.00008456 price, up 72.62 per cent from the day before, according to CoinMarket Cap.
The record-breaking high price for Shiba Inu came after a petition on Change.org urged Robinhood, a cryptocurrency trading platform, to list the meme-inspired currency. The petition, headlined "Kindly request of Robinhood to list Shiba Inu coin!", was started by one Tristan Luke, and it had already gathered support from about 3,80,000 people at the time of writing the article. The petition calls Shiba Inu "a similar meme coin with genuine potential". The similarity here is with Dogecoin, both of which are inspired by memes.
Shiba Inu is on the cusp of getting another decimal point removed from its value despite Musk's recent snub. Technically, it was more of a clarification from the SpaceX CEO, who is perhaps the most influential person when it comes to cryptocurrencies. Just because Musk owns a dog of the Shiba Inu breed, named Floki, people speculated the tech honcho was going to nurture the meme coin. It was only natural considering it was Musk who took Dogecoin to the heights where it is now. But Musk categorically denied having invested in SHIB, adding that he believes in Dogecoin more.
"Out of curiosity, I acquired some ASCII hash strings called "Bitcoin, Ethereum & Doge". That's it. As I've said before, don't bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form," Musk said on Twitter.
But people vouching for Shiba Inu, created in 2020 by someone called Ryoshi, already call the meme currency the Dogecoin killer. The goal here is to make Shiba Inu the world's biggest meme coin - just like how Dogecoin surged in the crypto world - and that is why a listing on Robinhood, which is one of the biggest crypto trading platforms, becomes essential. And it may be well on its way to becoming a major meme coin, if not the biggest.
With a market cap of more than $38 billion, Shiba Inu has surpassed some major Indian companies in terms of market value. It became bigger than Adani Enterprises, JSW Steel, Tata Steel, Tech Mahindra, Adani Ports, and HDFC Life, according to the data gathered at the time of publishing.