Meme Coin Shiba Inu Surpasses Doge By Market Cap

 

Meme Coin Shiba Inu Surpasses Doge By Market Cap As Supporters Petition Robinhood To List It

TOPLINE

 

Shiba inu coin has surpassed the market capitalization of its fellow meme cryptocurrency devoted to the Japanese dog breed, according to CoinGecko, as Shiba backers petition the brokerage Robinbood to list the digital token.

KEY FACTS

Shiba inu coin was trading at $0.00006799 early Wednesday afternoon, up 43.3% in the last 24 hours and 141.5% in the past week, according to data from CoinGecko, giving it a market cap of $33.3 billion, the 9th most among cryptocurrencies.

Dogecoin, billionaire Elon Musk’s favorite cryptocurrency, was the 11th largest digital token with a $32.5 billion market capitalization, according to CoinGecko.

Musk apparently isn’t switching dogs in the race — he tweeted Sunday that he doesn’t hold Shibu inu coin.

SURPRISING FACT

It is “impossible” for Shiba inu coin to reach $1 because there “simply isn’t enough money” in the world, Don Guo, CEO of Broctagon Fintech Group, said in a statement earlier this month. Guo added it would require a “one quadrillion” market value for the meme coin to hit $1.

KEY BACKGROUND

A total of 346,828 people have signed an the online petition asking Robinhood to offer trading of the meme coin. The surge of Shiba inu coin comes against the backdrop of declines in the overall digital currency market. Bitcoin, the No.1 digital token by market cap, was down 5.6% in the last 24 hours and has dropped 8.7% in the past week.