Shiba Inu came down Wednesday after surging recently amid speculation that online trading platform Robinhood (HOOD) - Get Robinhood Markets, Inc. Class A Report could add the meme cryptocurrency to its trading platform.
Shiba Inu was off 1.29% to $0.000037 at last check.
If it happens, the move would be a turnaround from last month, when Christine Brown, the chief operating officer of Robinhood Crypto, said that Robinhood was not in a rush to add new cryptocurrency coins to its trading platform.
Robinhood did not immediately respond to a request for comment.
"Looking back at the last 12 months, SHIB gains are standing at a figure of 22,717,023.9%, placing it on the list of top 20 cryptocurrencies by total market cap," said Zak Killermann, fintech and crypto expert with Finder.
"Just weeks ago, Robinhood was holding firm on not adding Shiba Inu to their platform due to the volatility of newer coins leading to riskier investments."
A petition on Change.org asking Robinhood to add Shiba Inu had garnered 545,067 signatures.
With the rapid interest Shiba Inu coin has received over the past year, Killermann said, "it might not be something Robinhood, or wary investors, in general, can ignore for too long."
Last month, U.S.-based exchange Kraken said it would list Shiba Inu from Nov. 30.
Separately, Shiba Inu is expected to undertake a massive burn in the coming weeks, where coins are either destroyed or removed from circulation, thus reducing the supply and increasing its price.
Shibu Inu has had a wild year, posting the greatest increase in both value and popularity in 2021, according to analysts at BrokerChooser.
One Shiba Inu coin was worth $0.0000000003 in September 2020 but had increased to $0.0000072 a year later.
"It may seem like that isn’t such a great increase but it actually equates to 2.4 million percent, meaning that if you had invested just $10 in the currency in September 2020 you’d have over $200,000 just 12 months down the line," BrokerChooser said.
Shiba Inu, which surged to a record high in October, also posted the greatest increase in popularity, with 1.5 million people searching for "Shiba Inu coin" in September, a 2.1 million percent jump.
Killermann said Shiba Inu’s recent gains are nothing compared to massive climbs seen in October "and an overall loss of about 35% this last month is a further warning."
"Although SHIB is up around 4% in just 24 hours, and may continue rising with social media chatter on the horizon, investors should pay attention to the greater trends," he said.
"Even with AMC Entertainment’s plans to accept SHIB as payment tender by early 2022, investing in SHIB may require you to pay close attention to the market to realize gains."
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