Shiba Inu Price Update As Petition for Robinhood to List the Crypto Hits 130,000 Names

It has been a turbulent time for many top cryptocurrency coins over the past seven days, though many have made some gains over the past day.

Shiba Inu is up around 9.5 percent on the day, having been down around 20 percent over the past week.

The meme token, which presents itself as a rival to Dogecoin and uses the same breed of dog as its mascot, is currently worth $0.0000068 with a market cap of $2.68 billion. Dogecoin is currently worth $0.32 with a market cap of $41.8 billion.

There is no information on the person who created Shiba Inu—they are known by the pseudonym Ryoshi—which is regarded as a bad sign in terms of legitimacy.

Investopedia states: "One of the best ways to protect yourself is to thoroughly research the individual team members of a project before you invest."

Chester Spatt, professor of finance at Carnegie Mellon University's Tepper School of Business, told Newsweek: "I would encourage investors to be very cautious about new tokens, especially because of the seigniorage to the developers and the lack of history of the instruments. People should not be investing funds in these that they cannot afford to lose completely."

Bitcoin is one of the only major cryptocurrency tokens to see a rise in price over the past seven days, up 7.4 percent in that time.

It is currently up around 9.5 percent on the day, to a price of around $39,000 and a market cap of around $733 billion. All figures are subject to change due to the volatile price of cryptocurrencies.

Other popular tokens such as Ethereum and Dogecoin sank last week—Dogecoin by around 14 percent—but have made some recovery over the past 24 hours.

Bitcoin remains in the top three most-viewed cryptocurrencies on CoinMarketCap's platform, followed by Shiba Inu in third.

Meanwhile, a petition calling on trading platform Robinhood to list Shibu Inu has gained more than 130,000 signatures.

Robinhood currently makes seven cryptocurrencies available for trading on its platform: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

It is unclear when or if Robinhood will list Shiba Inu on its platform. The company has previously declined to discuss with Newsweek the process it uses to select tokens or other tradable assets.

Meanwhile, Twitter CEO Jack Dorsey said in a Tweet on June 11 it is "only a matter of time" before Lightning Network, which enables payment using Bitcoin, is integrated into Twitter or BlueSky—Twitter's emerging decentralized social network.

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A stock image shows a price graph along with a symbol representing bitcoin. Many major cryptocurrencies took a price hit over the past seven days. SlavkoSereda/Getty