Shiba Inu, the popular meme coin that’s been rocking the crypto world since earlier this month, has hit a new all-time high today, recoding $0.00006519 at one point. SHIB became the most traded cryptocurrency on Coinbase.
Shiba fans expect 0.1 by the end of October.
It’s safe to say that Shoba’s fans rather surprising optimism raised a couple of eyebrows, as the meme coin is currently trading at $0.00006258.
There’s no doubt that SHIB is on a trailblazing run. Shiba’s market cap right now is $37.33B while Doge has 32.41B.
The coin has up by 840% over the last month. However, financial experts have come forward to claim that Shiba Inu doesn’t have the required market cap to hit that $0.1 mark so soon.
Technically the rapid ups and downs of Shiba Inu are related to its high trade volume. Whenever SHIB hits an all-time high, Bulls go into a selling frenzy. SHIB doesn’t seem to have that HODL (hold on for dear life) confidence from the bulls in the market, which is why its prices significantly fluctuate in the short term.
However, this trend might be changing. SHIB hasn’t dropped below its mark since yesterday (1-day change 116.7%) and there seems to be a stable upwards trend to support another bull run before the end of this month.
The meme coin currently holds the biggest circulating supply in the industry. There’s also the growing speculation that Shiba Inu might be listed on Robinhood, one of the biggest trading platforms in the US.
A petition on Change.org asking Robinhood to list Shiba Inu — a Dogecoin-inspired meme cryptocurrency — now has more than 320,000 signatures. On the company’s earnings call Tuesday, Robinhood Chief Executive Officer Vlad Tenev said it’s “carefully” considering adding new coins to its offerings.
(With inputs from agencies)
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