Shiba Inu (SHIB), the meme-inspired cryptocurrency, continued its meteoric rise, and on Wednesday, reached a record-high price. A 77 percent surge in a span of 24 hours resulted in a reported market capitalization of $51.4 billion, making it the seventh-largest cryptocurrency in the world (at its peak on Wednesday).
The current market value of Shibu Inu stands at $40. 8 billion, which makes it the ninth-largest cryptocurrency in the world. However, even at its current value, the altcoin has surpassed the market cap of banking behemoths such as Deutsche Bank ($28.48 billion) and Societe Generale ($28 billion).
Leaving Competition Behind
While Bitcoin ($1.1 trillion) and Ethereum ($471.5 billion) continue to hold the top positions among the largest cryptocurrencies in the world, Shibu Inu managed to upstage rivals such as XRP ($47.2 billion), Polkadot ($40.4 billion), and USD Coin ($32.7 billion).
Despite falling a few places over the day, Shibu Inu's value remains above competitors such as USD coin, Terra ($16.9 billion), and Uniswap ($15.8 billion). Nevertheless, the self-proclaimed 'Dogecoin killer', has witnessed a humongous growth in value in the past month.
According to Fortune, the digital token has witnessed a 777 percent rise over the past 30 days. In comparison, Dogecoin—whose spinoff Shiba Inu is—has seen only modest growth of 25 percent in the same period. According to CoinMarketCap, the price of Shiba Inu has soared over 140 percent in the last week.
Petition to Robinhood
The risen market value has already led to backers of the Shibu Inu to seek its listing on Robinhood. According to repots, supporters of cryprtocurrency have begun petitioning the trading platform to include it on its roster. Interestingly, Shibu Inu has pipped the stock-market value of Robinhood, the cryptocurrency trading platform, which is at $33.85 billion.
In the petition on Change.org, the success of Dogecoin for the platform and its investors was highlighted. Citing its dream run of Shiba Inu—around 2000 percent over the past few weeks—a for Shiba Inu was made.
An excerpt from the petition read: "Shiba has just been listed on Binance, and its momentum grows by the hour. Half the questions when we log into trading forums ask "How can I buy Shiba!??"Let's encourage Robinhood to be the first traditional brokerage to get on this train! Thank you."