What started as a joke cryptocurrency is now becoming a serious investment for retail traders. Shiba Inu (SHIB) has made tremendous gains in the past month – outperforming other cryptocurrencies and hitting consecutive all-time high records with the latest at over $0.000068 earlier on October 27th.
The crypto meme, which promised to be a Dogecoin-killer upon its launch last year, has surged nearly 900% in the past month, 100% in the last seven days, and 40% on a 24-hour scale. Depending on which giant data aggregator (CoinMarketCap or CoinGecko) one looks, it’s either the 11th largest cryptocurrency by market cap or the 9th.
Most cryptocurrencies are in the red, while SHIB remains on the green side of the story. The largest digital asset by market cap, bitcoin, failed to overcome the $64,000 line this week, retracing below $60,000. Most altcoins have suffered losses as well, with Ethereum (ETH) barely holding above the $4,000.
What’s more impressive is SHIB’s YTD performance – over 60,000,000% since the start of 2021, making a hypothetical investment on January 1st of $1,000 to be worth multi-million dollars now, if, of course, the trader still held it.
Not only has SHIB increased its price – the Shiboshis, Shiba Inu’s NFTs, have experienced massive demand as well. The Shiboshis is an NFT collection of 10,000 digitized creatures that sold out in less than an hour, some of them selling for 0.1 ETH to 0.3 ETH.
Data from the analytics company IntoTheBlock also confirmed SHIB’s mind-blowing month and week. The trading volume skyrocketed in the past seven days and so did the transactions.
New addresses have continued to pop up, with nearly 50,000 joining in the same timeframe. Somewhat expectedly given the aforementioned new all-time high just hours ago, nearly 100% of all wallets are now in profit, the firm concluded.
$SHIB has been continuously outperforming the market.
In just 7 days:
– $4.59 in transactions >$100k
– Added 47,800 new holders
– Recorded +22b in perpetual swaps volume
— IntoTheBlock (@intotheblock) October 27, 2021
A dramatic boost for SHIB came after a petition on Change.org to list the coin on Robinhood Markets Inc. Vlad Tenev, CEO of Robinhood, said the broker is “carefully” considering adding new coins to the platform, and SHIB has more than 320,000 signatures from retail traders eager to trade it.
Robinhood has had a bleak quarter this year, as its crypto revenues plunged 78% during Q3 2021. The drop is attributed to the diminishing demand for Dogecoin (DOGE).
The firm’s total net revenues hit $365 million during Q3, falling short of the expected $423.9 million. The disappointing numbers could push Robinhood to add SHIB to the list, considering the astronomic amount of trading volume in other exchanges.
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