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SHIB hits an all-time high as $4.6 billion inflows into Shiba Inu in a day

SHIB hits an all-time high as $4.6 billion inflows into Shiba Inu in a day

Meme cryptocurrency Shiba Inu has continued to surge in value gaining by almost 40% in the last 24 hours to trade at 0.000039, a new all-time high.

The new record price has been aided by inflows of $4.64 billion between October 23 and October 24 from $11.02 billion to $15.66 billion.

SHIB 30-day market cap chart. Source: CoinMarketCap

The surge follows a week when SHIB has mainly traded in the green, recording a significant addition of new users. As of October 18, the coin had onboarded an impressive 40,000 new holders in just ten days with investors looking at the price target of $1.

SHIB 30-day price chart. Source: CoinMarketCap

The token has recently gained prominence among users stemming from a new wave of interest in meme cryptocurrencies that was initiated by the coin’s competitor Dogecoin. The token designed on the Ethereum network stands out directly, competing with established coins. 

As we previously reported, SHIB was the most widely used non-stablecoin token on the Ethereum network. At the time, SHIB had 102,746 unique senders, 66,194 unique receivers, and 132,708 total unique.

The interest in the coin is highlighted by the number of SHIB currently in the public’s hands. Currently, almost 40% of the total number of Shibu Inu coins circulating on the market are the public’s ownership.

SHIB’s consistent growth has extended to social media platforms, with the coin hitting over one million followers on Twitter despite existing criticism. Notably, leading financial sector figures have been quick to warn traders against investing in the token. 

Push to list on Robinhood

Furthermore, SHIB’s fans are looking for more means to invest in the coin while pushing for listing on the retail investment platform Robinhood. Fans of the token have launched an online petition titled ‘Kindly request of Robinhood to list Shiba Inu coin.’ By press time, the petition had attained almost three million signatures.

Notably, Robinhood appears to be responding after the platform reportedly showed interest in listing the token, also dubbed ‘Dogecoin killer.’ Robinhood is believed to have emailed users about their crypto preferences with SHIB among the coins. 

SHIB network development

SHIB’s criticism mainly has been aided by the lack of the real-world use case for the coin as it is perceived to offer a means of earning quick money for retail investors. However, the network is undergoing development that appears to be changing its global appeal. 

Recently, the platform launched a new NFT marketplace alongside a rescue organization. At the same time, investors are getting easy to get involved in the token after Coin Cloud enabled SHIB coin purchase through ATMs in Brazil and the United States.

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