Shiba Inu, the ‘meme’ coin, hit an all-time high yesterday after rumours it is going to be added to the Robinhood stock trading and investing app.
The price rose to US$0.000044 on Sunday morning, over 50% higher than its price on Saturday.
It had dropped by 10% later in the day following a tweet by Elon Musk confirming he owned none of the coin.
However, it has steadied well above the pre-surge price, a sign of his influence waning over the coin that is named after the dog breed that also serves as the symbol of Dogecoin.
In early October, a single Musk tweet about his new puppy helped spark a 400% rise in Shiba Inu coin’s price.
Rumours had been circulating of its addition to the Robinhood platform after the company released a survey asking what cryptocurrencies its users would like to see added to the platform.
People took Shiba’s inclusion on the list as a sign it will be added soon. However, Robinhood is yet to confirm whether or not this is the case.
Shiba Inu is now the 11th largest crypto token by market cap, valued at an estimated $20.3bn.