Bitcoin dropped below the key support level of $60,000 on Wednesday, dragging most of the crypto universe with it, though meme coin Shiba Inu was an exception as it logged fresh highs.
SHIB, the world’s third most googled cryptocurrency so far this year, climbed to a fresh all-time record of $0.0000497 earlier Tuesday. It most recently traded at $0.000053, a 24-hour gain of 24%, with the coin surging nearly 90% in less than a week, according to CoinDesk data.
Some have cited growing support of a Change.org petition to get SHIB added to Robinhood’s trading platform as helping push the digital coin to fresh highs. The petition asks that SHIB gets the same treatment as fellow Robinhood listed meme coin Dogecoin
DOGEUSD,
and has gathered over 333,000 signatures. DOGE was down about 12% in step with the decline for cryptocurrencies on Wednesday.
SHIB has been recovering from a spill earlier in the week after Tesla
TSLA,
chief executive officer Elon Musk said over the weekend that he didn’t own any of the meme coin. He also advised that investors “don’t bet the farm on crypto.”
CoinDesk wrote that SHIB’s recent rise could reflect excessive speculation and greed often seen when markets are topping. The last time SHIB saw a big surge in early May, the move was followed by bitcoin and crypto crashing later that month.
Robinhood shares
HOOD,
were dropping 10% ahead of Wall Street’s open after it reported a wider quarterly loss and lower-than-expected sales, alongside weaker crypto revenue as that activity “declined from a record high.”
Bitcoin
BTCUSD,
meanwhile, slipped back below $60,000, down nearly 6% over 25 hours to $58,697, and sending the digital currency to its weakest levels since mid-October, according to CoinDesk data. Bitcoin surged to a new high above $67,000 last week, as the first bitcoin-linked exchange-traded fund ProShares Bitcoin Strategy ETF
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made its debut.
Ether
ETHUSD,
was trading at just over $4,000 on Wednesday, down nearly 5% over the last 24 hours.
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