The sound of Robinhood Markets Inc. replacing it with a Shiba Inu (SHIB) coin is helping to push the cryptocurrency to new highs.
In the previous 24 hours, the SHIB token, as it is known, has risen by over 20% for the day. It is now the 11th most valuable cryptocurrency, with a market capitalization of about $22.5 billion.
Shib-Inu Price Chart – Source: Coinmarketcap
More than 326,000 people have signed a Change.org petition urging Robinhood to list Shiba Inu, a Dogecoin-inspired cryptocurrency. Vlad Tenev, the CEO of Robinhood, said in a phone interview with the business on Tuesday that he was “carefully” contemplating adding new coins to his fund.
“We’re quite delighted with the coins we’re currently writing on our platform,” Tenev added, “and any new coins we add should make us feel the same, if not better.”
The development of Robinhood has made crypto extremely vulnerable. Last month, the brokerage announced that it would begin offering crypto wallets, a tool that allows investors to send and receive digital currencies. According to the corporation, the waiting list for the product has surpassed one million people. Dogecoin accounts for 64 percent of cryptocurrency revenue, according to the most recent installment.
Shiba Inu trading has been erratic as the price has risen. Elon Musk remarked on Twitter earlier this week that he was not a currency, which caused the cryptocurrency to plummet. He then went on to say that he had bought Bitcoin, Ether, and Dogecoin, and that “that’s it.”