Meme Coin Shiba Inu Surpasses Doge By Market Cap As Supporters Petition Robinhood To List It

According to CoinGecko the market capitalization for Shiba Inu Coin has exceeded that of the meme cryptocurrency devoted Japanese dog breeds. Shiba supporters petition Robinbood to list their digital token.

Dogecoin's representation is shown with the Shiba Inu crypto logo on a...[+] background in this illustration photo taken at Krakow, Poland on June 29, 2021. (Photo Illustration by Jakub porzycki/NurPhoto via Getty Images). NurPhoto via Getty Images

The Key Facts

The Shiba Inu coin traded at $0.00006799 on Wednesday afternoon. This was up 43.3% over the previous 24 hours and 141.5% over the past week according to CoinGecko data. It has a market capital of $33.3 billion which makes it the 9th most valuable cryptocurrency. According to CoinGecko, Dogecoin was Elon Musk's favorite cryptocurrency and the 11th largest digital token, with a market capitalization of $32.5 billion. Musk tweeted Sunday that he does not own Shibu Inu coins and he is not switching dogs in the race.

Surprising Fact

Don Guo, CEO Broctagon Fintech group, stated that Shiba Inu coins cannot reach $1 because there is not enough money. Guo stated that the $1 meme coin would need a market value of one quadrillion dollars.

Important Background

An online petition was signed by 346,828 people asking Robinhood to allow trading of the meme currency. The decline in overall digital currency markets has led to the surge in Shiba Inu coins. Bitcoin, the No.1 digital currency by market capital, fell 5.6% over the last 24 hours, and dropped 8.7% over the past week.

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