Shiba inu surges 85 million per cent to reach new all-time high amid Robinhood rumours

The blockchain is smashing through its all-time highs after rumours started swirling about a major change coming for traders.

The cryptocurrency shiba inu has continued to surge to reach a new all-time high and spur on investors.

The digital coin, originally started as a joke based on a meme, surged 6.5 per cent on Sunday, 17.4 per cent on Monday and then 15.1 per cent in the last 24 hours.

At time of writing, the coin was worth US$0.00004830. Its 24 hour peak was US$0.00004950 just after 7am Wednesday — the highest it has been to date.

While that may not seem like much, that’s a huge leap since SHIB’s starting price on August 1 last year — US$0.000000000972.

The token is up 85,904,244.6 per cent since its all-time low in November 2020, according to CoinGecko.

Shiba inu is now the 11th-largest blockchain on the leaderboard according to its market capitalisation, valued at an estimated US$24 billion, roughly the same as international cereal giant Kellogg’s.

And there’s a reason that the joke currency is surging to new heights by the hour.

SHIB in the last 24 hours. Source: CoinGecko

Investors are piling into shiba inu amid rumours that the coin is about to be listed on Robinhood’s trading exchange.

Coinmomo, a cryptocurrency analysis website, reported over the weekend, without citing any sources, that SHIB would be listed on Robinhood on Monday.

Although the coin did not list on Monday, Robinhood had by then sent a survey to users asking which cryptocurrencies they trade and included shiba inu as an option, rendering investors bullish.

A petition on Change.org imploring Robinhood to list SHIB on its platform has garnered almost 325,000 signatures at time of writing.

BREAKING NEWS: Robinhood is emailing this survey to select users of their platform.

They are including #SHIB as one of the answers to select!

Clearly doing market research on what their consumers want. pic.twitter.com/ovBNV2p0Wl

— Shiba Inu News (@ShibalnuNews) October 22, 2021

A Robinhood spokesperson assured Fortune that the trading company had not yet made a decision on whether shiba inu would make the cut.

The company referred to a tweet it made from October 19 as an answer.

“We have not made any announcements with regards to SHIB or any other upcoming coins,” Robinhood wrote in the tweet.

We have not made any announcements with regards to SHIB or any other upcoming coins.

— Robinhood Comms (@RobinhoodComms) October 18, 2021

Shiba inu was created in August 2020 by an anonymous person who called themselves “Ryoshi”. The mystery founder created the coin as a spin-off of dogecoin.

In late 2013, US software engineer Billy Markus and Australian entrepreneur Jackson Palmer created dogecoin as a joke to make fun of the wild speculation in cryptocurrencies at the time.

They used a Japanese dog, a shiba inu, as a mascot for their coin.

Shiba inu is now just two places behind dogecoin on the crypto leaderboard, with doge sitting at number nine with a market cap of US$34 billion.

In just over a year, SHIB has nearly caught up to doge which has been on the market for seven yeas.

According to FXStreet, traders who bought shiba inu at around $0.00002775 are looking at a 61 per cent turnover of profits.