Shiba Inu is up 183% in 7 days, almost surpassing Dogecoin

Shiba Inu is up 183% in 7 days, almost surpassing Dogecoin

Shiba Inu – Dogecoin digital currency – is up more than 180% in the past 7 days, almost outperforming Elon Musk’s preferred digital currency, Dogecoin.

In the past 24 hours, Shiba Inu has risen 68% to over $ 0.00008 in the past 24 hours, according to data from CoinMarketCap. In just 1 week, this digital currency has almost tripled.

With a market capitalization of more than $ 31.1 billion, Shiba Inu is among the top 11 largest cryptocurrencies, almost outperforming Dogecoin (capitalization is also $ 31.3 billion).

Meanwhile, Dogecoin has fallen 8% in the past 24 hours, according to CoinMarketCap.

One of the reasons for the Shiba Inu’s rise was Robinhood’s ability to add a Shiba Inu to their platform.

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.

Coinbase Global Exchange added the Shiba Inu token 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.

What is Shiba Inu?

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.

The rise of meme coins like Dogecoin and Shiba Inu is reminiscent of GameStop’s history. Earlier this year, a number of Reddit traders rushed to invest capital in GameStop to “play” the hedge funds that were selling this stock short, driving the stock price up sharply. Similarly, amateur investors are also pouring capital into obscure cryptocurrencies in hopes of oversized profits.

Vu Hao (according to CNBC)