Shiba inu coin price hits a record as Robinhood petition. SHIB buy opportunity

Robinhood Shiba Inu

Shiba inu coin price hits a new record as Robinhood petition gains popularity

Shiba inu coin soared to a new record on Wednesday, capping a surge of over 60,000,000% over the past year.
The parody cryptocurrency , which appears to be inspired by dogecoin, another meme cryptocurrency is up almost 30% over the past 24 hours, according to CoinGecko.

Will Shiba Inu coin reach $1?

It has pared back some of its gains since hitting its all-time high early morning US time, but remains the 11th biggest digital currency by market capitalization.
The token, which was launched last year, has surged roughly 100% in the last seven days, and now has a a market value of about $26 billion.

Like dogecoin, shiba inu coin features the Shiba Inu dog as its mascot. Its meteoric rise has made some investors millionaires overnight.

The coin has also won a handful of celebrity backers, from former boy band stars to pro athletes.

Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $1 billion worth of shiba inu coin to a Covid-19 relief fund in India.
Its dramatic rise this week coincides with rising support for a Change.org petition urging trading platform Robinhood to list shiba inu coin on the site. The petition has garnered 334,500 signatures so far.

Robinhood Shiba inu coin price

Robinhood did not immediately respond to a request for comment from CNN Business. The company in 2018 started expanding its crypto offerings beyond bitcoin and ethereum to include currencies including litecoin and bitcoin cash.
This year, dogecoin’s record rise put so much pressure on the platform’s crypto trading systems, that it was briefly broken. It said this week that cryptocurrencies accounted for nearly 20% of its transaction-based revenues in the third quarter, or about $51 million. That’s an 860% increase from the same period last year.

what is elon musk shiba inu $1 ?

Shiba inu coin also surged earlier this week, but lost some recent gains after Tesla CEO Elon Musk ( who is a big fan of dogecoin ) tweeted that he does not own any shiba inu coin.

In a follow up tweet, he added that he has bought “Bitcoin, Ethereum & Doge. That’s it.” Musk’s tweets have frequently moved crypto markets.

Other popular virtual currencies have also seen explosive growth. Bitcoin, the world’s most valuable cryptocurrency, hit an all-time high of nearly $67,000 per coin last week, topping the previous record set in April.
Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September. Bitcoin is currently trading at almost $60,000.

Shiba Inu price to provide buy opportunity before SHIB doubles again

Shiba Inu price is due for a retracement after rallying 113% in less than three days.

The MRI displays a major sell signal, hinting at a correction that could extend 17%.
A bounce off the $0.0000446 support floor will kick-start another 100% advance to $0.0000914.

Shiba Inu price saw a massive up move after it broke out of its consolidation pattern on October 23.

This ascent propelled SHIB to a new all-time high.

As bulls overextend the rally, however, things need to cool off before another massive rally emerges. Market participants should anticipate a retracement, therefore.

Shiba Inu price needs to cool down

Shiba Inu price rose 28% on October 27 to set up a new all-time high at $0.0000595.

The altcoin markets are seeing a massive sell-off, however, which is reflected in the SHIB price. So far, Shiba Inu price has dropped 10% from the peak, and the Momentum Reversal Indicator has flashed a red ‘one’ sell signal on the 12-hour chart.

This technical formation forecasts that a one-to-four candlestick correction is likely. Investors need to be prepared for correction, therefore, that will serve as a “buy” opportunity. The support barrier at $0.0000446 is the first level to keep an eye out for. While a bullish reaction here is likely, the SHIB could drop down to $0.0000414. As long as the 12-hour candlestick does not close below $0.00000383, the buying opportunity remains valid.

Assuming Shiba Inu price stays above the said barriers, investors can expect the memecoin to make a healthy comeback and restart its upswing.

In this situation, SHIB will likely make a run at its newly erected all-time high at $0.0000595 and then tag the 161.8% trend-based Fibonacci extension level. If the bullish momentum is similar to the one seen after the breakout of the bullish pennant, investors can expect the Dogecoin killer to lock in on the next level at $0.0000914. This ascent would constitute a 104% gain from $0.0000446 and would essentially double the market value of SHIB tokens.

While a retracement is a boon for long-term holders, short-term holders would not like it if it extended. SHIB needs to stay above $0.0000383, therefore. A decisive 12-hour close below this barrier, however, will suggest that the downswing will extend lower.

In such a situation, investors can expect SHIB to retest the range high at $0.00003528. A breakdown of this barrier, however, will invalidate the bullish thesis.

Shiba Inu has more legs to go up before SHIB hits a market top

Shiba Inu Falls From Record After Musk Reveals His Crypto Buys

Musk responds to Twitter query by saying he doesn’t own SHIB

Token hit all-time high Sunday, is down about 15% since then

Elon Musk helped Shiba Inu vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy.

Now the meme token is down after he said he doesn’t own any.

Even Shiba Inu rumors can’t save Robinhood as shares fall below IPO price on weak crypto revenue

Shares in Robinhood Market Inc.

fell below their IPO price Wednesday morning in pre-market activity, a day after the online trading platform reported worse-than-expected third quarter revenues triggered by a decline in cryptocurrency trading.

News of weak trading in coins like Dogecoin led shares in Robinhood to fall by 10.7% to $35.32 a share in pre-market trading Wednesday—more than $2 below its $38 July IPO price and less than half of its $85 peak.

The drop came as more than 333,000 people signed a petition on change.org called “Kindly request of Robinhood to list Shiba Inu coin!” with the link URL noting the trading platform will prosper if they list the coin.

In the recent run-up fueled by the Robinhood listing rumors, Shiba Inu coin has become the 11th-largest crypto with a market value of nearly $24 billion, putting it within striking distance of Dogecoin‘s $29 billion market cap.