The blockchain is breaking its all-time highs after rumors of a major change for merchants began to circulate.
The shiba inu cryptocurrency has continued to rise to hit a new all-time high and stimulate investors.
The digital currency, which originally started out as a meme-based joke, was up 6.5% on Sunday, 17.4% on Monday, and then 15.1% in the last 24 hours.
At the time of writing, the coin was worth $ 0.00004830. Its 24-hour peak was $ 0.00004950 just after 7 a.m. Wednesday, the highest to date.
While that may not sound like a lot, it's a huge jump from SHIB's starting price on August 1 of last year: $ 0.000000000972.
The token is up 85,904,244.6 percent from its all-time low in November 2020, according to CoinGecko.
Shiba inu is now the 11th largest blockchain in the ranking according to its market capitalization, valued at an estimated US $ 24 billion, roughly the same as international cereal giant Kellogg's.
And there's a reason the joke coin is climbing to new heights by the hour.
Investors are piling up on shiba inu amid rumors that the coin is about to go public on the Robinhood Stock Exchange.
Coinmomo, a cryptocurrency analytics website, reported over the weekend, without citing any source, that SHIB would be listed on Robinhood on monday.
Although the coin was not listed on Monday, Robinhood had sent a survey to users asking what cryptocurrencies they trade and included shiba inu as an option, making investors optimistic.
A petition in Change.org imploring Robinhood to list SHIB on its platform has garnered nearly 325,000 signatures as of this writing.
A spokesperson for Robinhood safe Fortune that the trading company had not yet made a decision on whether shiba inu would make the cut.
The company referred to a tweet it made on October 19 in response.
"We have not made any announcements regarding SHIB or any other upcoming currency," Robinhood wrote in the tweet.
Shiba inu was created in August 2020 by an anonymous person calling himself "Ryoshi". The mysterious founder created the coin as a derivative of dogecoin.
In late 2013, American software engineer Billy Markus and Australian businessman Jackson Palmer created dogecoin as a joke to poke fun at the wild crypto speculation at the time.
They used a Japanese dog, a shiba inu, as a pet for their currency.
Shiba inu is now only two places behind dogecoin on the crypto leaderboard, with doge at number nine with a market capitalization of $ 34 billion.
In just over a year, SHIB has almost caught up with the doge, which has been on the market for seven years.
According to FXStreet, traders who bought shiba inu for around $ 0.00002775 are seeing 61 percent profit volume.
