Meme Coin Shiba Inu Climbs to Top 10 Coins

The value of the joke cryptocurrency coin shiba inu (SHIB) surged by 50 percent in just 24 hours and is now battling dogecoin (DOGE) for the ninth spot in the list of top digital assets by market capitalization.

SHIB reached a market capitalization of over $39B, surpassing that of Robinhood (HOOD) trading platform at $30B and European banking giants Societe Generale ($28B) and Deutsche Bank ($26B).

The surge in SHIB’s price came as a petition to request Robinhood to list the joke coin, named after the same dog breed that inspire dogecoin, went out online.

“The focus on the cryptoverse was supposed to be on Ethereum 2.0 and a steady wave of [b]itcoin ETF investments, but the retail market has become fixated on shiba inu,” Edward Moya, senior markets analyst at the foreign-exchange brokerage Oanda, wrote in a daily email update on Oct. 27.

However, some analysts believe that the sudden interest in SHIB is superficial and will crash soon.

“We’re being, you know, very mindful and diligent in this space,” Robinhood CFO Jason Warnick told Wall Street executives in a conference, adding that the company is being careful regarding requests to trade more cryptocurrency.

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