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Shiba Inu (SHIB) has surged to a new all-time high, causing a massive demand from Robinhood customers to add the token on its trading platform.

According to CoinGecko, SHIB has increased by 25% in the last 24 hours and doubled in the past week. Atop $26 billion, SHIB is now the 11th biggest cryptocurrency in terms of market capitalization, right behind Dogecoin. In addition, Shiba Inu’s decentralized exchange Shiba Swap saw an all-time high, trading $452 million on October 7th.

As reported from a recent study by Bacancy Technology, SHIB has morphed into the world’s 3rd most searched cryptocurrency in 2021, with 2.8 million monthly searches. This tracks a little behind BTC, which averages 22 million searches every month, and ETH, averaging 6.3 million.

SHIB Demanded By Robinhood Users

The recent increase can be credited to demand from Robinhood customers for the trading system to list the cryptocurrency. A Change.org appeal for Robinhood to do so has gathered over 326,000 signatures.

Nonetheless, Robinhood CEO Vlad Tenev stated the trading platform would “carefully” consider including any new crypto to its listings. “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,” Tenev stated. Rival exchange Coinbase started offering SHIB last month.

Robinhood announced a month ago it would supply crypto wallets, with now a waitlist that has since topped 1 million consumers. Although crypto has benefited Robinhood’s recent development, supplying $233 million to its Q2 profits, this dependency has come to be a double-edged sword.

After disclosing that crypto earnings had decreased to $51 million in its Q3 results, Robinhood share prices dropped nearly 10%. This might reevaluate the petitioners’ request, as 64% of its Q2 crypto profits came from the similarly Shiba-influenced Dogecoin.

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