Shiba Inu hits another all-time-high — now more valuable than Adani Enterprises, Tata Steel and Tech Mahindra

• Meme coin Shiba Inu has hit another all-time high of $0.0000593 today, October 27, with its value skyrocketing by over 40% in the last 24 hours.
• After more than doubling in value over the last one week alone, Shiba Inu’s market cap now stands at $23.4 billion.
• This makes the cryptocurrency more valuable than bigwigs Adani Enterprises, Tata Steel, Tech Mahindra, and others.

Shiba Inu, the cryptocurrency based on a meme… of a meme, is now more valuable than some of the biggest companies in India including Adani Enterprises, Tata Steel, Tech Mahindra and HDFC Life.

The meme coin hit another all-time high of $0.0000593 today, on the cusp of removing another decimal point, with its overall market value breaching the $23 billion mark. Shiba Inu is now the 11th largest cryptocurrency by market cap in the world, according to CoinMarketCap.

Source: CompaniesMarketCap, CoinMarketCap
Note: Values at of 12:30pm on October 27, Indian Standard Time (IST)Shiba Inu has been racing ‘to the moon’ through all of October — also dubbed ‘Uptober’ by the online community with other cryptocurrencies, including the world’s oldest cryptocurrency, Bitcoin, hitting record highs. The token has doubled in value during the last one week alone.

Even though Bitcoin has since corrected to just over $60,000 from its peak of $67,000, Shiba Inu continues to rise. In the last 24 hours, the cryptocurrency has jumped by over 40% with an anonymous crypto whale — individuals that hold a massive amount of cryptocurrencies — buying up 276.6 billion SHIB tokens worth around $11.5 million at the time of purchase.

Robinhood’s CEO avoids the issue

When Shiba Inu cryptocurrency initially came into the spotlight with tech billionaire Elon Musk buying a dog of the same breed called Floki, a petition was initiated on change.org to list the token on Robinhood. It cited the success of Dogecoin on Robinhood to make its case for being listed.

Musk has since clarified that he does not own any SHIB token — only Ether, Bitcoin and Dogecoin.

The NASDAQ-listed company, worth $33 billion, held its third-quarter earnings call on October 26, and despite being well aware of the request, did not address the issue — at a time when the petition has over 300,000 signatories.

“We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more, good,” was all chief executive (CEO) Vlad Tenev said during the call.

Its shares took a nosedive of more than 8% in after-hours trading, after the company revealed that its revenue from the cryptocurrency part of its business shrunk by 78% in the last three months. It made only $51 million between July, August and September compared to $233 million in the three months prior.

Shiba Inu — the ‘Dogecoin Killer’

Shibu Inu, or the SHIB token, is the self-proclaimed ‘Dogecoin Killer’. Simply put, it wants to be the biggest meme coin in the world. And, right now, that doesn’t seem like a moonshot will the cryptocurrency’s rapid rise through the ranks.

The coin was created just last year, in August 2020, by someone who goes by the pseudonym ‘Ryoshi’. Unlike Dogecoin, which is based on the original source code of Bitcoin, Shiba Inu is built on the Ethereum blockchain.

However, it’s not the meme coin looking to give Dogecoin a run for its money. Other dog-based cryptocurrencies trending in the crypto world include Baby Dogecoin, Baby Floki, Floki In, Baby Moon Floki, Shibavax, Doge Dash and so many others that it’s nearly impossible to keep track.

SEE ALSO:
Bitcoin price dips to $60,000 as the crypto market correctsElon Musk’s Tesla may be ready for a second innings in cryptocurrency payments