Crypto currency Shiba inu hits new record

Shiba inu market value now rivals the stock-market value of Robinhood, at $30 billion

The shiba inu (SHIB) token continued its astonishing rise in the crypto currency markets, soaring 70% over the past 24 hours to a reported market capitalization of more than $39 billion.

SHIB’s market value now rivals the stock-market value of the trading platform Robinhood, at $30 billion.

The crypto currency was changing hands at a minuscule $0.00007857, according to CoinGecko. Earlier in the day, the SHIB price hit an all-time high of $0.0000763. On a year-to-date basis, the price has jumped 40-fold.

The rise in the price of SHIB came as a petition “designed to kindly request of Robinhood to please list shiba inu coin to trade” circulated on the website Change.org.

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

On Tuesday, Wall Street analysts peppered Robinhood executives on a conference call with questions as to when the company consider listing additional crypto currencies on its platform, according to a transcript.

We’re hearing from customers that they want more coins, CFO Jason Warnick said during the earnings conference call. We’re being, you know, very mindful and diligent in this space. It’s evolving from a regulatory perspective. There’s been a number of questions raised about coins on other platforms being potentially unregistered securities.

He added: We think it’s the right thing, not just for shareholders and for the company, but also for customers to make sure that we, you know, apply the same kind of diligence to any new coins. We do hear our customers and they want more features, and so we’re going to be working, you know, as fast as we can with the right balance of safety and compliance to make sure that we don’t make missteps here.