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Shiba Inu Cryptocurrency Slips After Record-Breaking Run

Shiba Inu, dubbed the 'Dogecoin Killer' slips after its soared about 160% this week.

Shiba Inu was slipping on Thursday after the meme cryptocurrency hit a record over the week.

Shiba Inu was down nearly 10% to .00006684 cents at last check, according to CoinDesk, while Dogecoin, which hit its highest level since August was surging nearly 28% to 31 cents.

Bitcoin, the top cryptocurrency by market capitalization, was up 2.77% to $59,971.

Named after the dog breed representing Dogecoin, Shiba Inu was created by an anonymous individual going by the name Ryoshi and dubbed the "Dogecoin Killer."

There are almost 400 trillion SHIB tokens in circulation, with a max supply of one quadrillion tokens. 

Its price had soared around 160% this week, according to CoinMarketCap.

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Its website describes it as "a decentralized meme token that has evolved into a vibrant ecosystem."

The recent surge appears related to unconfirmed rumors that the coin would soon be listed on the popular stock trading app Robinhood  (HOOD) - Get Robinhood Markets, Inc. Class A Report.

A petition on change.org has nearly 400,000 signatures asking Robinhood to list Shiba Inu.

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Robinhood posted a wider-than-expected quarterly loss Tuesday, as the company saw fewer new accounts amid a slowdown in activity related to cryptocurrencies.

During Tuesday's analysts call, CEO and co-founder Vlad Tenev said "looking back at Q2, we saw huge interest in crypto, especially Doge, leading to large numbers of new customers joining the platform and record revenues."

"In Q3 crypto activity came off record highs, leading to fewer new funded accounts and lower revenue as expected," he said. "There were millions of new funded accounts that came for cryptocurrencies, you know, particularly Dogecoin in Q2. So, certainly, it was a meaningful portion of the new accounts in that period."