Shiba Inu cryptocurrency logo displayed on a screen and representation of cryptocurrencies are seen … [+]
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The Dogecoin competitor Shiba Inu (SHIB) soared to a new all-time high Wednesday morning, capping the 680% gain over the past month.
The meme token, trading at $0.0000569 as of press time, got a boost from growing clamor for Robinhood to list it on its platform. More than 335,000 people have signed a Change.org petition. Robinhood CEO Vlad Tenev said in a Q3 earnings call on Tuesday that for any new coins Robinhood adds, it is “going to be very careful.” “We’re a regulated entity, and we’re hopeful to get some clarity soon on coins,” he said. Launched in August 2020, SHIB is now the 11th largest cryptocurrency with a market capitalization of $22.58 billion, according to data platform Messari.
SHIB price according to FTX
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Meanwhile, the wider cryptocurrency market is experiencing a 5.5% pullback as top assets surrender the latest gains. As of 8:33 a.m. EST, bitcoin is changing hands at $58,881, nearly 6% down on the day and 13% off from last week’s record high of $67,000. Notably, the Crypto Fear and Greed Index, designed to reflect the market sentiment, has been hitting “Extreme Greed” level highs not seen since early March. Though these kinds of metrics aren’t always accurate in predicting price movements, they could signal that the market could be due for a correction, especially when investors get too greedy.
Bitcoin price according to FTX
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Additionally, “traders appear to be getting out of their positions back into stablecoins,” according to Jan Wuestenfeld, analyst of crypto analytics platform CryptoQuant, as the supply of stablecoins on exchanges is increasing. The inflow “started one hour before the more significant price drop,” he writes, but the move could be “very short-term, and the money might quickly flow back in.”
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Ether is down by 4.2% over the past 24 hours, now at $4,012. Cardano, Solana and XRP are the largest losers in the top 10, trading 7-8% lower over the same period.
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