Shiba Inu rebounds to all-time high
14:43, 26 October 2021
Shiba Inu has recovered rapidly from its fall at the weekend, which followed cryptocurrency celebrity Elon Musk's revelation that the coin does not feature in his portfolio.
On Tuesday, Shiba Inu was trading as high as $0.00004948 on CoinMarketCap, breaking its previous record, and has since gained almost 20% more.
The 11th biggest cryptocurrency by market capitalization, Shiba Inu’s price began rising at the weekend after rumours began circulating that the coin would be featured on the investment platform Robinhood. By 11:20 UTC on Sunday it had reached its then-all-time high of $0.0000455.
What is moving Shibu?
Shiba Inu’s ascent briefly stalled however after an Elon Musk tweeted “None” when asked by a Twitter user how much of the coin he was holding.
None— Elon Musk (@elonmusk) October 24, 2021
Musk had previously tweeted messages that some of his followers believed signalled the Tesla founder’s endorsement of the currency. These included a cryptic emoji that some interpreted as being a Shiba Inu dog holding a rocket, which was supposedly a reference to the token going “to the moon”, and a picture of his newly-arrived Shiba Inu dog, Floki. The latter saw the price of Shiba surge by 67%.
After Musk’s clarification on Sunday that he does not own any Shiba Inu, its price dropped by over 20%. But it did not take long before the coin rebounded to reach a new all-time high.
A petition urging Robinhood to list Shiba Inu on its platform has gathered 330,000 signatures since its launch in June, with 30,000 adding their names since Sunday.
The coin was trading at $0.00005898 on Wednesday morning at 07:22 UTC, up 42% in 24 hours and 110% over the past 7 days.
Read more: Shiba coin price prediction: Will SHIB reach new highs?
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