The Shiba Inu price was the best-performing cryptocurrency on Wednesday as investors cheered the possibility that the coin will be added into Robinhood. The SHIB token price surged to $0.000060, which was about 725% above the lowest level this month.
This rally brought the meme coin’s market capitalization to more than $21 billion, making it the 11th biggest cryptocurrency in the world. It is just below Dogecoin, which has a market capitalization of more than $31 billion.
Is SHIB coming to Robinhood?
Shiba Inu is a relatively new cryptocurrency that was launched a few months ago. The coin was launched with the sole goal of being an alternative to Dogecoin, which was then gaining popularity.
Since then, the Shiba Inu ecosystem has expanded widely. For one, it now has siblings that are known as Leash and Bone. At the same time, it expanded its ecosystem to include what is known as Shibaswap. This product enables people to swap DeFi tokens. The DeFi ecosystem enables them to dig (provide liquidity), bury (stake), and even swap tokens to earn returns.
After collapsing to a record low, the Shiba Inu price bounced back during the current crypto bull run. This rally was also triggered by Elon Musk, who sent a tweet about his dog. As such, speculators believed that he was bullish about the coin. In a recent statement, however, he said that he only owned Dogecoin, Bitcoin, and Ethereum.
The SHIB price is rising today as investors react to an online petition to Robinhood. The petition asked the company to add Shib as a tradeable asset in its platform. At the time of writing, the petition has received more than 333k people. This raises the possibility that the company will start offering the service.
Robinhood is one of the most popular broker in the United States. In the past few months, it has made millions offering Dogecoin, which means that the company could add it into its ecosystem. This is notable since the company recorded a sudden decline in the number of users on Tuesday.
Shiba Inu price prediction
The four-hour chart shows that the SHIB price jumped sharply in the past few weeks. The pair jumped to a high of $0.000060. It also moved above the key resistance at $0.000036, which is above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved above the key overbought level.
Therefore, in my view, I believe that this rally has been overstretched. As such, there is a likelihood that the coin will drop to $0.000036, which is about 30% below the current level.
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