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Shiba Inu Coin Price Soars to Record High After Robinhood Petition

In the last 24 hours, the price has surged over 32%.

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The Shiba Inu (SHIB) coin price skyrocketed to a new high of $0.00005863 today, per CoinMarketCap

Shiba Inu coin, named for the memeified dog breed, is the joke spin-off of the popular cryptocurrency Dogecoin (DOGE). Today's record-breaking price comes after a Change.org petition requested that Robinhood list the coin on its trading platform. The petition has received 334,500 signatures so far. 

Shiba Inu's price began to surge over the weekend after SHIB community Twitter account @ShibaInuNews shared a screenshot of a survey Robinhood circulated regarding SHIB's potential listing. On Sunday, the coin saw an initial all-time high of $0.00004442, up 60%, and became the 13th-largest cryptocurrency by market cap. The price jumped to $0.00004853 on Tuesday. 

Related: Elon Musk Sends Crypto Coin Plummeting: 'True Value is Building Products'

Now, Shiba Inu is the 11th-largest cryptocurrency with a market cap of $21.5 billion. 

On Monday, a crypto whale (someone who owns vast amounts of crytocurrency, typically millions) bought $11.5 million worth of SHIB tokens, further accelerating the coin's price increase. 

Dogecoin also surged over the weekend, shooting up 8% after Tesla and SpaceX CEO Elon Musk tweeted about the token on Saturday. It's not the first time Musk's tweets have significantly shaken up cryptocurrency markets

Related: Elon Musk Posts Sexual Bitcoin Meme and Sends Twitter Into a Frenzy

Amanda Breen

Written By

Entrepreneur Staff

Amanda Breen is an editorial assistant at Entrepreneur.com. She is a graduate of Barnard College and recently completed the MFA in writing at Columbia University, where she was a news fellow for the School of the Arts during the 2020-2021 academic year.