Shiba Inu (SHIB) is rapidly becoming the most talked about crypto coin even though it was only minted in 2020. The previous article on SHIB explored its sudden surge past $.000009, now a mere 19 days later it has reached its new all time high of $.00004774 making it one of the leading altcoins.
With a current market value of $2 trillion, the crypto market is forecasted to multiply in value in the upcoming years. Among the top altcoins is Shiba Inu which has secured a spot as the 11th largest coin by market cap following a recent surge in activity.
A recent catalyst for SHIB was its listing on Coinbase which triggered rumors of its potential listing on Robinhood – one of the most popular trading platforms. However, momentum seemed doomed when the official Robinhood account tweeted that they have made no announcements surrounding the potential listing.
Despite this speculation resumed when Robinhood conducted a survey of coins that should be listed on the platform. A screenshot of the survey went viral among the SHIBARMY when @ShibalnuNews shared the photo with his 70 thousand followers.
Because SHIB is listed on Webull, Coinbase, and Public, its very likely that Robinhood will follow suit in a matter of time. But SHIB holders are not willing to wait. A petition has already been started on Change.org demanding that Robinhood lists the coin and has accumulated over 320,000 signatures already. Further feeding the flame, ChangeNOW has allowed traders to flip their DOGE for SHIB in anticipation of the Robinhood listing.
These factors and its sudden publicity have contributed to huge spikes in SHIB’s trading volume – increasing 950% in only 24 hours. While Elon Musk’s tweet revealing he was not holding any SHIB was enough to make some falter, this sudden resurgence has put SHIB’s market cap at $18 billion.
But with 394.7 trillion coins in circulation, many people are questioning the current burn rate which – if not increased – could take many years to increase the coin’s value. The official Shiba Inu twitter account has responded to these concerns by formally announcing its partnership with NowPayments which burns a percentage of the Tokens with every transaction.
With SHIB valued at $.00004774, some traders bought the dip and are benefitting from the resuming run up. But with each zero shaved off the next will be harder to reach, making the ultimate goal of .01 still a long ways off for the SHIBARMY. Still, an impressive line of whales having been buying into SHIB with the latest purchase coming from an Ethereum holder who switched their ETH to 276 billion SHIB.
Breaking records and taking names, @warrior16win has the right idea for their SHIB gains.
Should You Buy?
As with any run, its hard to know when its over and the fear of bag holding is particularly fierce with SHIB. Of the total circulating supply, 82.13% of SHIB coins are held by the top 100 accounts. While the rumors surrounding its potential Robinhood listing have undoubtedly contributed to its run, it seems inevitable that Robinhood will eventually list SHIB considering the loss to the platform otherwise. With this catalyst on the horizon, SHIB holders could have something to look forward to. Yet a run this incredible isn’t sustainable. A pullback is likely on its way, but SHIB’s recovery following Elon Musk’s tweet is a bullish sign for long-term holders.
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