The price of Shiba Inu ($SHIB), a meme-inspired cryptocurrency that was created earlier this year and planned a series of initiatives, is up over 900% in the last 90 days alone as token burns, whale buying, and a petition contribute to its price performance.
According to CryptoCompare data, SHIB is up over 35% in the last 24-hour period and is now trading at a new all-time high close to $0.000063, while it was trading at around $0.00000704 a month ago.
Shiba Inu has a total supply of one quadrillion and was created by a pseudonymous entity going by “Ryoshi.” 50% of its total supply was locked on decentralized exchange Uniswap at the start. The project sent the remaining tokens to Vitalik Buterin to be “burned,” but Buterin later sent 50 trillion SHIB, then worth $1 billion, to India’s Covid Crypto Relief Fund.
Over time, SHIB was listed on several major cryptocurrency trading platforms including Binance, Coinbase, Crypto.com, eToro, and others. Notably, a petition asking commission-free trading platform Robinhood to list it now has over 340,000 signatures.
The petition, started by a Change.org user called Tristan Luke, encourages Robinhood to be the “first traditional brokerage” to list Shiba Inu. Notably during Robinhood’s Q3 earnings call Vlad Tenev, the firm’s CEO, said:
We feel very, very good about the coins that we’re currently listing on our platform. 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.
Tenev added the firm is regulated and hopes it will get “some clarity soon on coins.” During the call, he highlighted other cryptocurrency services the firm is offering, including wallets that will let users send funds off the platform and recurring cryptocurrency purchases.
Shiba Inu’s price performance has been supported by its other initiatives which include a decentralized exchange called ShibaSwap and a non-fungible token (NFT) collection. The floor price for the NFT collection, as reported, is above 1.2 ETH after over $20 million worth of tokens were traded on OpenSea.
SHIB’s price has also been surging as whales keep on accumulating the cryptocurrency. According to available data, SHIB whales have been influencing the cryptocurrency’s price, as when whale transactions above $100,000 occur, prices rise.
Transaction data shows that a Shiba Inu whale has also recently purchased over 276 billion $SHIB, equivalent to over $11.5 million earlier this week. The cryptocurrency has been criticized by Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short.”
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash