December 6, 2022

Shiba Inu Breaks ATH, Eyes Top 10 Largest Coins After 850% Monthly ROI

2 min read

What started as a joke cryptocurrency is now becoming a serious investment for retail traders. Shiba Inu (SHIB) has actually made remarkable gains in the past month – – surpassing other cryptocurrencies and hitting successive all-time high records with the most recent at over $0.000068 earlier on October 27th.

Another ATH for SHIB

The crypto meme, which promised to be a Dogecoin-killer upon its launch last year, has surged nearly 900% in the previous month, 100% in the last 7 days, and 40% on a 24-hour scale. Depending on which huge data aggregator (CoinMarketCap or CoinGecko) one looks, it’s either the 11th largest cryptocurrency by market cap or the 9th.

Many cryptocurrencies are in the red, while SHIB stays on the green side of the story. The biggest digital property by market cap, bitcoin, stopped working to conquer the $64,000 line this week, retracing listed below $60,000. Many altcoins have actually suffered losses as well, with Ethereum (ETH) hardly holding above the $4,000.

SHIB/USD. Source: TradingView

– SHIB/USD. Source: TradingView What’s more remarkable is SHIB’s YTD efficiency – over 60,000,000%because the start of 2021, making a hypothetical investment on January 1st of $1,000 to be worth multi-million dollars now, if, obviously, the trader still held it.

Not just has SHIB increased its rate – – the Shiboshis, Shiba Inu’s NFTs, have experienced massive need as well. The Shiboshis is an NFT collection of 10,000 digitized creatures that offered out in less than an hour, a few of them costing 0.1 ETH to 0.3 ETH.

Outperform Them All

Information from the analytics company IntoTheBlock also verified SHIB’s astonishing month and week. The trading volume skyrocketed in the previous 7 days and so did the transactions.

New addresses have continued to pop up, with almost 50,000 taking part the exact same timeframe. Rather expectedly given the abovementioned brand-new all-time high simply hours earlier, almost 100% of all wallets are now in profit, the company concluded.

Over 320,000 Traders are Asking Robinhood to Add SHIB

A significant increase for SHIB came after a petition on to list the coin on Robinhood Markets Inc. Vlad Tenev, CEO of Robinhood, said the broker is “thoroughly” thinking about adding brand-new coins to the platform, and SHIB has more than 320,000 signatures from retail traders excited to trade it.

Robinhood has had a bleak quarter this year, as its crypto profits plunged 78% throughout Q3 2021. The drop is attributed to the decreasing demand for Dogecoin (DOGE).

The firm’s overall net revenues struck $365 million during Q3, falling short of the expected $423.9 million. The frustrating numbers might push Robinhood to include SHIB to the list, considering the astronomic amount of trading volume in other exchanges.