The popular meme crypto and second-largest dog-related digital coin, Shiba Inu (SHIB), has hit a record high after a massive price surge over the weekend. The coin, which was originally conceived as a meme following the popularity of the Elon Musk-backed Dogecoin, peaked at an all-time high of $0.000044 on Sunday, 50% higher than its price on Saturday.
The SHIB coin had never reached a price above $0.000035 before this eventful weekend. As a result, Shiba Inu is now the 11th largest cryptocurrency by market capitalization and is currently valued at around $20.3 billion in total.
Experts believe that the SHIB price surge over the weekend may be related to rumors that the coin might soon be listed on Robinhood, the popular stock trading app. However, the rumor has not yet been confirmed.
Robinhood sent a survey to users over the weekend asking which cryptocurrencies they prefer to trade. The list included the Shiba Inu coin, and Shiba Inu fans, also known as the SHIB Army, took this as a sign that Robinhood would list the coin for trading on its app in the near future.
The Shiba Inu coin dropped by 10% to around $0.000040 as of Monday following a tweet from self-proclaimed “Dogefather” Elon Musk. This came about when a Twitter user with the handle @ShibaInuHodler asked Mr. Musk how much SHIB he currently held, to which Musk replied “none.”
Musk later tweeted that crypto users should be careful and not invest their entire savings into cryptocurrencies, especially meme coins like SHIB or the new Floki Inu coin, which is a digital asset inspired by Musk’s newly acquired Shiba Inu puppy named Floki.
Musk tweeted: “Don’t bet the farm on crypto!” and “True value is building products & providing services to your fellow human beings, not money in any form.”
It may seem that Musk’s influence over the crypto market, especially that of dog-related coins, might not be as powerful as in the past, as the SHIB coin is still trading higher than ever before, even after Musk’s seemingly negative reply. Earlier this month, a tweet from Musk announcing his new puppy saw a 400% rise in the Shiba coin’s price.
In an interview with CNBC last week, Vlad Tenev, CEO of Robinhood, had not revealed any plans for Robinhood to include the Shiba Inu coin, but he also did not dismiss the rumors either.
The Shiba Inu token’s price has risen more than 45 million percent in the past year, and it will be interesting to see where this comical coin is headed and if it will continue to rise in value and stay competitive in the crypto market. But then again, that might all depend on the views of the Doge-loving Elon Musk.