Shina Ibu’s market value tops $23 bn; higher than Adani Enterprises, Tata Steel

Shiba Inu, a decntralised cryptocurrency created in August last year by an anonymous user going with the pseudonym “Ryoshi,” witnessed another all-time high, of $0.0000593, on Wednesday, as its overall market value surged to $23.4 billion. With this, its market cap is higher than that of Indian companies such as Adani Enterprises, JSW Steel, Tata Steel, Tech Mahindra and HDFC Life, according to a media report.

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According to the report, published in the Business Insider, the corresponding figures for the Indian companies are as follows: $22.9 billion (Adani Enterprises), $22.4 billion (JSW Steel), $21.9 billion (Tata Steel), $21.05 billion (Tech Mahindra), $20.35 billion (Adani Ports), and $18.80 billion (HDFC Life).

The development comes amid Shiba Inu, also known as SHIB, becoming the eleventh-largest cryptocurrency in the world, a distinction it achieved over the weekend. The surge also led to a petition being listed on Change.org for Robinhood Markets Inc. to add the coin to its platform. “We’re carefully considering adding new coins to our offerings. We feel very good about the coins currently listed on our platform, and any new coins that we add, we want to feel equally well, if not better about it,” Vladimir Tenev, the chief executive officer (CEO) of Robinhood said on the petition, which currently has more than 326,000 signatures.

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Headquartered in Menlo Park, California, Robinhood is known for pioneering commission-free trades of, among others, cryptocurrencies. Last month, Coinbase Global Inc, another American cryptocurrency exchange platform, added the Shina Ibu token.

(With agency inputs)