The price of Shiba Inu hits all-time high. This prompted many Robinhood users to request that the token be added to the trading platform.
In the last 24 hours, SHIB has increased by 25%. It has more than doubled in value in the last seven days, per the CoinGecko data.
With a market cap of almost $26 billion, SHIB has now passed Dogecoin to become the eleventh largest cryptocurrency by market capitalization.
Shiba Swap, the decentralized exchange run by Shiba Inu, also had a record-breaking trading day on October 7 with a $452 million volume.
In 2021, SHIB is expected to be the third most Googled coin in the world.
It has an average of 2.8 million queries each month.
Compared to Bitcoin’s monthly average of 22 million, this has only 6.3 million monthly searches.
🐶 Robinhood users demanding as Shiba Inu hits all-time high
Demand from Robinhood users for listing the popular cryptocurrency is likely to be to blame for the recent increase.
Change.org petitioners want Robinhood to do this, and the number of signatories has risen to 326,000.
As for adding more cryptocurrencies to the trading platform, Robinhood CEO Vlad Tenev said that the company will do so “cautiously.”
“When it comes to the coins we’re currently listed on our site”, Tenev stated, “We feel quite happy about them.”
Last month, Coinbase, a competitor exchange, began listing SHIB as well.
Last month, Robinhood announced that it would begin offering cryptocurrency wallets. The number of people on the queue quickly surpassed 1 million. Crypto has been a benefit to Robinhood recently, generating $233 million to its Q2 income.
However, this dependence has turned into a double-edged sword.
The price of Robinhood’s stock dropped roughly 10% after the company revealed that its crypto revenue have fallen to $51 million in its third quarter financial results. Petitioners may have a case, given that 64% of its Q2 crypto earnings comes from Dogecoin, which is also similar to Shiba.
