SHIB token reaches all-time high after 40% rally
By Robert Davis
15:47, 27 October 2021
The parabolic rally of the Shiba Inu Token (SHIB) continued yesterday as the cryptocurrency hit an all-time high of $0.000065 before correcting lower.
Over the last 24 hours, the token has seen its market cap grow 43% to more than $25.9bn, according to trading data from Coin Market Cap. For comparison, Peloton has a market cap of $27bn.
Meanwhile, the trading volume for SHIB has increased 136% since yesterday and now accounts for more than $23bn. At this time last month, just $250m of SHIB was exchanged daily.
At press time, SHIB was trading at $0.00006797, representing a gain of more than 42.2% on the day.
One reason for SHIB’s continued success, according to some analysts, is a petition circulating on Change.org seeking to convince retail trading platform Robinhood to list the asset.
The petition has more than 300,000 signatures so far.
“Dogecoin has been a huge success for Robinhood, and its investors,” the petition reads in part. “We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks!”
During yesterday’s earnings call, Robinhood CEO Vlad Tenev said the company plans to expand its crypto offerings, though he did not mention any assets by name.
Tenev also said the current “regulatory environment” makes it difficult to expand Robinhood’s crypto offerings because regulations are “uncertain and evolving”.
What is your sentiment on SHIB/USD?
Meanwhile, some analysts say the SHIB rally is driven by its popularity among retail investors. Yashu Gola, an analyst at Cointelegraph, noted that the low-dollar value of SHIB makes it very attractive to those investors.
But the asset offers more than just a low barrier to entry, Gola notes. It also offers a stable technology with advanced smart contract capabilities that may be taking cues from its recently launched Shiboshis Social Club non-fungible token (NFT) platform.
“This online community rewards exclusive perks to people who own exclusive Shiba Inu-generated non-fungible tokens, dubbed Shiboshis,” Goya wrote. “As a result, retail appears to have been tailing Shiba Inu’s speculative bull run, with a recent study by Bacancy Technology showing that it received 2.8 million Google searches on average in 2021, the third-highest after Bitcoin and Ethereum.”
However, other analysts say the rally may be coming to an end as the token reaps the rewards of gaining more than 570% so far in October.
Analysts at Delphi Digital, a New York-based cryptocurrency research firm, said in a note published yesterday that the SHIB rally is a sign of an “overheated market”.
“The first time dog coins went wild was April to May this year, and quickly cratered as crypto markets cooled off. In early September, dog coins were all the rage again and the broader crypto market saw a fairly deep de-leveraging,” the note reads.
Read more: Elon Musk sends meme coins soaring with cryptic tweet
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