Over the past few days, the price of the Shiba Inu Coin (SHIB) has increased dramatically – at one time becoming the 13th most valuable cryptocurrency by market capitalization. Its value has more than tripled in the past week and billionaire tycoon Elon Musk is being credited for the rise. Given the rapid boom, the demand for its addition is increasing across major cryptocurrency platforms. A petition circulating on Change.org urging the Robinhood cryptocurrency trading app to add the virtual coin crossed 200,000 support last night. The demand picked up after the app added Dogecoin, the primary rival of the Shiba Inu coin, to its platform.
The petition states that Dogecoin’s joining Robinhood has been successful and the Shiba Inu is “a similar meme coin with real potential” and is gaining new ground day by day. It said that Shiba was recently listed on Binance and has done well for its clients. “Let’s encourage Robinhood to be the first traditional brokerage to board this train! Thank you,” it added.
Launched in August 2020 by an unnamed founder known as “Ryoshi”, Shiba Inu is positioned as a “Dogecoin killer” and aspires to be an Ethereum-based alternative to the popular meme. Its value increased from $0.000000723 (Rs 0.00054) on October 1 to $0.00003473 (Rs 0.0026) on October 7, however, some of that gain has waned and shib price in india was around Rs. 0.0017 ($0.00002308) at the time of writing this report.
A cryptic tweet from Tesla and SpaceX CEO Elon Musk on October 4th was widely credited for the coin’s rapid rise. Cryptocurrency enthusiasts who have previously backed cryptocurrency Including Bitcoin And dogecoin, Was shared an image Of his pet dog “Floki” enjoying the sun on the Tesla electric car. The image caused quite a stir and many saw it as their endorsement of the new Shiba Inu coin.