Shiba Inu (SHIB), a high-flying competitor to Dogecoin, made headlines last week when it surpassed Dogecoin to become the ninth-largest cryptocurrency by market capitalization, effectively displacing it (DOGE).
Shiba Inu bulls could now face a double whammy. We’ve been keeping track of the SHIB token’s progress toward a listing on the Robinhood brokerage platform. So, why is it such a big deal if Shiba Inu’s SHIB coin is listed on Robinhood? Retail investors looking to gain exposure to well-known crypto names continue to use the brokerage platform. In the run-up to its listing on the popular brokerage platform, Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains.
Related: Shiba Inu (SHIB) Reaches a New ATH – Is a 1 Cent Price Level Next?
Furthermore, Elon Musk’s Tesla (NASDAQ:TSLA 1172 -3.03%) may soon begin to accept Shiba Inus. For example, the name “SHIBA” has been discovered in the code of Tesla’s payment processing system.
This eventuality has also been confirmed by ShibArmy’s @kaaldhairya:
Nonetheless, given Elon Musk’s recent confirmation that he owns no SHIB coins, readers should keep in mind that Shiba Inu’s debut on Tesla’s payment processing system is still a long shot.
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Meanwhile, Shiba Inu’s SHIB coin is currently trading at $0.00007296, just below the all-time high of $0.00008845 set four days ago. Early adopters have been handsomely rewarded by this phenomenal price increase, which is equivalent to year-to-date gains of over 101 million percent. For example, the value of a mysterious SHIB wallet has risen from around $8,000 in 2018 to around $4.8 billion on Friday morning.
As we previously stated, the current rally in Shiba Inu’s SHIB coin is being fueled by a number of endogenous factors. To begin, the project’s developers are pursuing a concerted supply burn strategy to reduce the number of SHIB coins in circulation, paving the way for a meteoric price rise. SHIB coin holders are voluntarily sending their coins to an inaccessible wallet as part of this initiative, effectively removing them from circulation. Another novel supply burn scheme involves burning $100 worth of SHIB coin whenever the name of one of the 10,000 Shiboshi NFTs is changed. At the current exchange rate, $100 is worth 1.37 million SHIB coins.
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Furthermore, Shiba Inus are a particularly risky investment. While there’s a chance Shiba Inu will thrive in the long run thanks to its devoted following, it’s not the best investment right now. This cryptocurrency may not be the best fit for risk-averse investors.
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