Altcoin News

SHIB nearing an all-time high

TL;DR Breakdown

  • Robinhood has added Shiba Inu in its business study.
  • The token rose over 20% following the progress.

The Shiba Inu (SHIB) token has seen a recent spurt of activity. So, we may be witnessing the beginning of what could become another historic bull run. Additionally, the Robinhood application is contemplating listing this cryptocurrency on its exchange platform. As a result of these rumors, the price is further surging towards an ATH.

Source: TradingView

Robinhood has sent out survey emails to clients who bought cryptos in the last three months.

The inclusion of the coin as a survey question despite not being listed for dealing on Robinhood’s platform is a positive sign. It shows that the company is carrying research on the token and getting closer to listing it.

SHIB spikes over 20% in 24 hours

As investors clamored for more tokens, the value of Shiba Inu rose by over 20%. This has been shown by the trade mass increasing from $1.22 billion in two hours and reaching three Billion within that period. Currently, the coin is slightly down, about 16%. In part, you can attribute this to its current run-up following an initial dip back near an all-time high at $0.00003888 in May.

The release of 10,000 Shiboshi NFT further saw many clients scramble to make purchases. This new market has, in turn, pushed the price of the token much closer to an ATH.

Own chain launch effect

The Shiba Inu community is currently in the testing phase of its blockchain. That’s according to the Volunteer Project Lead at Shibium Corporation Kusama. Members within the crypto space and other sources as well have confirmed this.

Reportedly, the blockchain will be a layer-2 Ethereum scaling solution. When complete, it’ll hold the token as its native platform token. And thus help change ShibaSwap’s woofing system, which has become too expensive.

Moreover, Shibaswap will be hosting projects just like Polygon, which will grow trading sizes and liquidity. The chain also has plans for dApps of all types, including games wallets or even NFTs.

With this progress, more clients are increasing their ownership stake. The increase in purchase probably drives the cost higher towards the ATH.

OKex poll for leash effect

Three days ago, OKex called on memecoin believers through a tweet to vote for their favorite memecoin for listing on their platform. Shiba Inu was among the tokens listed for voting, and the only need was for the coin to get  5000 votes.

The voting process opened three days ago and stops today, October 24

You must deposit more than 10 USDT in a single transaction of one token competing in this voting competition to cast your vote. OKEx will then record those two highest-scoring candidates as winners, listing their corresponding token(s).

The Shiba Inu spirit has been running rampant in the cryptocurrency world recently.  The development has further drawn their token to light, which afterward attracted more investors and market support. The token is now available on a significant Turkish exchange, and it has received approval for listing by ZebPay.

Again, the Shiba Inu community is rising in popularity, with over 760 thousand holders. At the same time, the token has further begun swapping on Public.com. The Robinhood tease is also playing a role in exciting the coin further.

This post was last modified on October 24, 2021 4:41 pm

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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