Shiba Inu gains popularity, price surges 889%

Shiba Inu, the meme coin, has been in the top trending list recently. Its price has surged by almost 889% in October 2021, according to data released by CryptoCompare.

Source: CryptoCompare

Elon Musk supports SHIB?

Elon Musk’s tweet about his dog Floki, which is a Shiba Inu dog initially kept the coin’s price soaring. After the tweet he made in early October 2021, the price of the meme coin rose by 21%.

In contrary, recently Elon Musk revealed that he owns none of the Shib tokens but Dogecoins. He goes on to say that $DOGE is “people’s crypto”. Hence, favouring Shib’s rival. However, according to recent updates Shib has finally beaten it’s rival.

SHIB beats DOGE

The meme coin recently surpassed its apparent inspiration- Dogecoin in terms of market capitalization, hitting $40 billion. It’s relatively lower price has attracted Dogecoin investors and is one of the prime reasons for it surpassing it’s inspiration turned competitor.

AMC to consider Shiba Inu for payment?

AMC Entertainment’s CEO Adam Aron recently tweeted asking whether they should include Shiba Inu currency as a mode of payment or not. The poll is going to end on November 2, 2021.

The current statistics show that more than 80% of people have voted in favour of $SHIB. This indicates a strong chance of it making its way into the list.

Additionally, they also declared other cryptocurrencies considered by them- Bitcoin, Litecoin, Ethereum and Dogecoin.

AMC, one of the largest multiplex operators in the world, had recently announced that they are going to accept at least five cryptocurrencies as payments.

Robinhood to list Shiba Inu?

Robinhood users have been demanding Shiba Inu to be listed there considering it’s popularity and the soaring prices. However, the platform is not willing to include any other currencies in its listing. Analysts estimate revenue growth from other sources.

A petition for the inclusion of $SHIB has crossed over 450,000 signatures. In addition, ‘When #shiba’ was trending on twitter aiming at Robinhood.

The meme coin frenzy that started from a joke in the early 2010s has created a loyal investor’s base overtime.

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