Shiba Inu has been giving Dogecoin a run for its money recently and some might even say it has left the OG meme coin behind in the dust. For weeks now, SHIB has rallied, culminating in over 500% in gains for its holders. Its more recent rally has seen more money going into the meme coin as the price rallied 50% in one day. SHIB has gained immense popularity following this.
Although the meme coin was born out of one of Elon Musk’s infamous tweets, the billionaire does not seem to be a fan of the meme coin. Shiba Inu has consistently rallied anytime the SpaceX CEO has tweeted anything in relation to Shiba Inu, the dog breed of the Dogecoin dog. A fan of the meme coin took to Twitter to ask Musk if he had any stake in the meme coin and Musk’s reply was a short one.
Musk Does Not Own SHIB
While Musk has enthusiastically tweeted pictures and talked about his latest pet, a Shiba Inu named Floki, he has never actually talked about owning the altcoin. Musk’s tweets have been one of the major drivers behind Shiba Inu’s success. But Musk explicitly staked that he had no dog in this fight.
Another Twitter user took the opportunity to ask the billionaire if he owned another popular meme coin, one named after his dog Floki. Instead of discounting this one after the other, Musk took the approach of disclosing his holdings to clarify what cryptocurrencies he actually held.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
Recently, the SHIB community has been abuzz with rumors of listing on Robinhood. It had started when a petition created by a supporter to list Shiba Inu on the trading platform had garnered more than 300,000 signatures.
SHIB price back in the green | Source: SHIBUSD on TradingView.com
Robinhood had not commented on the listing rumors until it had sent out a survey to users asking them what cryptocurrencies they had bought. The list included Shiba Inu, which the community saw as market research for the trading platform. Since then, SHIB has recorded significant gains fueled by the rumors of the trading app listing Dogecoin’s biggest rival.
Related Reading | Dogecoin Rival Shiba Inu Lists On Robinhood Competitor
The meme coin had rallied to a new all-time high for the first time in six months. At a high of $0.00004432, the meme coin briefly moved into the 11th position of the biggest cryptocurrencies by market cap, before losing its footing and falling back to 3rd place.
SHIB is now trading at $0.00003816, down 7.59% in the past 24 hours. The meme coin has although remain high on a long-term basis, up 40.79% on the 7-day trading average. The altcoin boasts a market cap of $15 billion and the trading volume for the past 24 hours sits at $14.6 billion.
Featured image from Thewistle, chart from TradingView.com