Over the past few days, the price Shiba Inu coin (SHIB) has risen dramatically – at one point becoming the 13th most-valued cryptocurrency by market capitalisation. Its value has more than tripled in the past week and billionaire tycoon Elon Musk is being credited for the rise. Given the rapid surge, the demand for its addition to major cryptocurrency platforms is growing. A petition circulated on Change.org, urging Robinhood cryptocurrency trading app to add the virtual coin, last night surpassed 200,000 endorsements. The demand spiked after the app added Shiba Inu coin‘s primary rival Dogecoin on its platform.
The petition said Dogecoin's addition to Robinhood has been a success and Shiba Inu is a “similar meme coin with genuine potential” and it has been gaining new ground by the day. It said Shiba was recently listed on Binance and has performed well for its customers. "Let's encourage Robinhood to be the first traditional brokerage to get on this train! Thank you,” it added.
Launched in August 2020 by the anonymous 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 rose from $0.00000723 (Rs. 0.00054) on October 1 to $0.00003473 (Rs. 0.0026) on October 7. However, some of that gain has tapered off and SHIB price in India was around Rs. 0.0017 ($0.00002308 ) at the time of writing this report.
A cryptic tweet by Tesla and SpaceX CEO Elon Musk on October 4 was widely credited for the coin's rapid surge. The cryptocurrency enthusiast, who has previously supported cryptocurrencies including Bitcoin and Dogecoin, had shared an image of his pet dog “Floki” enjoying the sunshine on a Tesla electric car. The image had caused quite a stir and many saw it as his endorsement of the new Shiba Inu coin.