The “dogecoin killer” is now worth more over $39 billion, while HOOD is valued at $29 billion.

The shiba inu (SHIB) coin has maintained its meteoric rise in the cryptocurrency markets, rising 70% in the last 24 hours to a market valuation of almost $39 billion.

With a market value of $30 billion, SHIB has already surpassed the stock market value of trading platform Robinhood (HOOD). SHIB also owns European banking behemoths Societe Generale ($28 billion) and Deutsche Bank ($26 billion).

SHIB’s market cap, on the other hand, is significantly more likely to crash at any time. Only time will tell, and in the wild world of crypto, time is often short.

According to CoinGecko, the coin was changing hands at a miniscule $0.00007857 as of press time. The SHIB price touched an all-time high of $0.0000763 earlier in the day. The price has increased 40-fold in the last year.

A petition “made to gently request of Robinhood to please list shiba inu coin to trade” circulated on the website Change.org, causing the price of SHIB to surge. SHIB is named after the same dog breed that inspired the parody cryptocurrency dogecoin (DOGE).

“The focus on the cryptoverse was supposed to be on Ethereum 2.0 and a steady wave of [b]itcoin ETF investments, but the retail market has become fixated on shiba inu,” Edward Moya, senior markets analyst at Oanda, wrote in a daily email update on Wednesday.

CoinDesk’s traffic numbers would also bear this out.

Robinhood conference call

According to a transcript, Wall Street analysts questioned Robinhood officials on a conference call on Tuesday on whether the business could consider adding other cryptocurrencies to its platform.

“We’re hearing from customers that they want more coins,” CFO Jason Warnick said during the earnings conference call. “We’re being, you know, very mindful and diligent in this space. It’s evolving from a regulatory perspective. There’s been a number of questions raised about coins on other platforms being potentially unregistered securities.“

He added: “We think it’s the right thing, not just for shareholders and for the company, but also for customers to make sure that we, you know, apply the same kind of diligence to any new coins. … We do hear our customers and they want more features, and so we’re going to be working, you know, as fast as we can with the right balance of safety and compliance to make sure that we don’t make missteps here.”

Twitter was replete this week with speculation that Robinhood might accede to the pressure.

Some observers are concerned that the increased interest in SHIB is a sign of speculative bubbles, and that a drop in the token’s value will lead to a larger withdrawal from cryptocurrency markets.

According to most data sources, the SHIB token’s value eclipsed that of dogecoin early Wednesday.

Earlier this year, a DOGE speculation frenzy followed a multi-month price decline in bitcoin and other cryptocurrencies.

“SHIB, also known as a ‘dogecoin killer,’ runs on Ethereum, but the use case argument isn’t quite there,” Oanda’s Moya wrote. “Shiba inu headlines are not the news that is needed to help drive crypto growth to the rest of Wall Street that is still hesitant on cryptocurrencies.“

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Crypstarter does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.