Shiba Inu now has a Larger Market Cap than Robinhood


On 28th October, Thursday, 2021, the Shiba Inu coin (SHIB) continued its legendary surge of 37% in the past 24 hours. Shib recorded a market capitalization of over $39 billion.

The Shib coin became the world’s ninth-largest token by market cap. Shiba now has a larger market cap than Robinhood after rising from a second-tier meme coin to a crypto giant.

Shiba Inu Becomes more Valuable than Robinhood

Shib recently surpassed Robinhood’s market cap of $29.61 billion, while the coin has a market value of $39 billion. The coin’s upsurge may be due to the rumored possibility of Robinhood listing the coin.

Shib’s devoted group of investors and fans believe that Robinhood listing the coin could even lead to the coin upsurging to greater heights. Additionally, a petition imploring Robinhood to list Shib has more than 400,000 signatures collected.

Robinhood Plans to List more Coins

On Tuesday, 26th October 2021, a Wall Street analyst was on a conference call with Robinhood executives. During the conference call, CFO Jason Warnick pointed out that they are mindful of Robinhood’s customers who want more coins added to the trading platform.

CFO Jason Warnick also said that they would be working as fast as possible, with the right balance, to bring more features to Robinhood, as per their customer’s wants.

Shib Enjoys a Market Cap Larger than some Similar Names

Shib Coin has also outgrown Etsy and Pinterest in terms of market capitalization. Etsy has a market cap of $30.87 billion, while Pinterest has $29.24 billion.

Several factors contributed to the rise of Shib. The first is because the coin was recently listed on Coinbase Global Inc. platforms, thus enjoying the momentum after launching the Shiboshi non-fungible tokens, NFTs. Secondly, an upsurge in futures open interest on certain exchanges helped Shib rise.

Shiba Inu Vs. Other Renowned Cryptocurrencies

However, Shib is still smaller than prominent cryptocurrencies such as Bitcoin and Ethereum. Bitcoin has a market cap of $ 1.1 trillion. On the other hand, Ethereum has a market cap of $471.14 billion.

On Wednesday, 27th October, some data sources reported that Shib’s token value surpassed Dogecoin. Shib slumped earlier this week after Elon Musk tweeted that he did not have the coin. In a follow-up, Elon Musk pointed out that he only bought Bitcoin, Ether, and Dogecoin.