Benzinga | Oct 28, 2021 12:41AM EDT

Shiba Inu Is Now Bigger Than Robinhood, Etsy And Pinterest

Meme coin Shiba Inu (CRYPTO: SHIB) shot up nearly 70% over 24 hours leading to press time late Wednesday to become the ninth-largest token by market cap, as per CoinGecko. This remarkable spurt of growth means it now enjoys a market capitalization larger than some familiar names.

What Happened: SHIB traded 69.5% higher at $0.00008221 over 24 hours. For the week, the self-described Dogecoin (CRYPTO: DOGE) killer has shot up 181.5%.

On Wednesday, SHIB charted a new high of $0.00008299 and at press time was trading 0.7% lower than that level, as per CoinGecko. SHIB has soared 1083.5% over the last 30 days.

The coin currently enjoys a market capitalization of $40.76 billion, as per CoinGecko.

See Also: How To Buy Shiba Inu (SHIB)

Why It Matters: The recent rise of SHIB has been partly due to the growing buzz surrounding its listing on Robinhood Markets, Inc (NASDAQ:HOOD).

SHIB is now more valuable than Robinhood as the trading platform has a market cap of $29.61 billion.

Not only Robinhood, but SHIB has also outgrown Etsy, Inc (NASDAQ:ETSY) and Pinterest, Inc (NYSE:PINS) in terms of market capitalization. Etsy and Pinterest have a market cap of 30.87 and 29.24 billion, respectively.

A number of factors have led to the rise of SHIB. The coin was recently listed on Coinbase Global Inc's (NASDAQ:COIN) platforms and it has also enjoyed momentum after the launch of the Shiboshi non fungible tokens or NFTs.

A surge in futures open interest on certain exchanges has also helped buoy SHIB upwards.

Even so, SHIB Is still considerably smaller than large cryptocurrencies such as Bitcoin and Ethereum, which enjoy a market cap of 1.1 trillion and $471.14 billion respectively.

Read Next: Here's How One Crypto Investor Made More Than $5B With Shiba Inu