Pundits ring ‘market top’ alarms as Coinbase crosses TikTok to become top AppStore app 🚨 This article is 3 years old...
Pundits ring ‘market top’ alarms as Coinbase crosses TikTok to become top AppStore app
With a current market cap of $42,2 billion, Shiba Inu (SHIB), climbed all the way up to the top ten cryptocurrencies.
2 min read
Updated: Nov. 2, 2021 at 11:10 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As the number of Shiba Inu (SHIB) retail investors continues to grow, based on its impressive daily trading volume, the “Dogecoin Killer” is currently snuggled up in the second place, between the world’s two largest cryptocurrencies.
SHIB’s $43,082,944,240 pumped 24-hour volume puts the meme-based crypto just one step behind Ethereum (ETH), with $123,800,913,800, and one step ahead of Bitcoin (BTC), with $40,966,029,816.
Banking on SHIB’s success
“Trade BTC, ETH, SHIB” taunts Coinbase conveniently, as the largest US crypto trading platform pushed out TikTok and became the top AppStore app.
Probably nothing pic.twitter.com/mglaiJC0M9
— Yuri Sagalov (@yuris) October 28, 2021
SHIB’s price rallied 166% during the past 7-day period, as the crypto’s most successful spinoff pup achieved the initial mission and surpassed its main rival Dogecoin (DOGE), which currently ranks as the 10th cryptocurrency by market cap.
“Contrarian takes: this is a sell signal,” commented former creative director at Roblox and famous Youtuber John Shedletsky, implying SHIB’s market top is around the next block.
Contrarian take: this is a sell signal
— John Shedletsky and 3,154,054 others (@Shedletsky) October 28, 2021
The puppy gate got wide open in September when Coinbase listed SHIB.
The US leading crypto exchange granted SHIB exposure to a big retail market, which in return ensured its product doesn’t miss out on the hype.
The Robinhood listing
Meanwhile, Robinhood still didn’t make a move to list the hot meme-coin, despite ShibArmys’s growing requests.
CryptoSlate reported less than two weeks ago on a circulating Change.org petition, which urges the trading platform to put SHIB in the game.
The initiative has garnered additional 140,000 signatures since then and continues counting, gunning for a 500,000 mark, which will make “Kindly request of Robinhood to list Shiba Inu coin!” one of the most successful petitions on the site.
The trading platform revealed this week that cryptocurrencies accounted for nearly 20% of its transaction-based revenues in the third quarter.
“Cryptocurrencies increased 860% to $51 million, compared to $5 million in the third quarter of 2020,” read Robinhood’s report, reflecting on the last quarter’s transaction-based revenues.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.