Shiba Inu Tanks 13% After 3-Day Rally; Petition Signatures Approach 4.1 Lakh

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  • Cryptocurrency News
Shiba Inu Tanks 13% After 3-Day Rally; Petition Signatures Approach 4.1 Lakh
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The meme-themed cryptocurrency SHIB/INR , trading at high volumes over the past few days with a market cap of $36.5 billion, declined by 13% to end at 0.0053 at 6:12 pm on Friday.

It is the 11th largest cryptocurrency.

The market cap surged over $38 billion on Wednesday, up 72.6% from a day before.

The price-hike of the cryptocurrency surged on the back of a petition on Change.org titled ‘Kindly request of Robinhood (NASDAQ: HOOD ) to list Shiba Inu coin!’, which urged the cryptocurrency trading platform to list the cryptocurrency.

The petition has already garnered over 4 lakh signatures and is swiftly approaching the 4.1lakh-figure.

On Thursday, the cryptocurrency surpassed the Elon Musk-favoured dog-themed meme coin, Dogecoin , after which it trailed to an m-cap of $36.5 billion.

The record-breaking rally of Shiba Inu disrupted the Indian cryptocurrency trading platform WazirX, as the Mumbai-based trading platform could not pace up with the volumes traded on it.

Another reason for the rally of Shiba Inu is known to be the donation of about Rs 7,324 crore worth Shiba Inu coins made by Vitalik Buterin, founder of Ethereum , to India’s Covid Crypto Relief Fund.

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