Shiba inu surges 38% to record high as a petition count for Robinhood to list the dogecoin-inspired token tops 330,000
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- Shiba inu hit an all-time high Wednesday after a petition urging Robinhood to list the coin topped 330,000.
- Robinhood is waiting for regulatory clarity to add more coins, CEO Vlad Tenev said Tuesday.
- The meme token's value fell on Monday after Elon Musk revealed he doesn't hold shiba inu.
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Shiba inu hit a fresh record Wednesday on growing calls for trading app Robinhood to add the coin to its roster of cryptocurrencies.
The token surged 38% to $0.00005763 as of 3:30 a.m. ET, according to data from CoinGecko, taking its gains over the past month to nearly 710%. With a market value of $28 billion, it is now the 11th biggest crypto asset.
An online petition, created by Change.org user called Tristan Luke in May, requests people to sign up to "encourage Robinhood to be the first traditional brokerage" to list the shiba inu coin.
The petition's goal is to reach 500,000 people. At the time of writing, at least 332,698 had signed up.
Shiba inu is already available to trade on other platforms including Coinbase, Binance, eToro, Crypto.com, Atomic Wallet, and KuCoin. Meanwhile, users have only seven cryptocurrency options on Robinhood, including bitcoin, dogecoin, and ether.
"We feel very, very good about the coins that we're currently listing on our platform," Robinhood CEO Vlad Tenev said in a Q3 earnings call on Tuesday. "And for any new coins that we add, we want to feel equally, if not more, good. So we're going to be very careful. We're a regulated entity, and we're hopeful to get some clarity soon on coins."
Shiba inu, which is a dogecoin spin-off, rose more than 20% on Tuesday after an anonymous crypto whale bought 276.6 billion tokens for about $11.5 million. As the third most Googled cryptocurrency in 2021, it's become impossible to ignore.
An Elon Musk tweet about his Shiba Inu puppy Floki supercharged the meme token's run higher this month. But the coin's value slid briefly after Musk revealed he doesn't in fact have any personal investment in it.
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