KEY POINTS

  • Shiba Inu was trading down 2.71% at $0.000026
  • The Shib Army is hopeful the price could hit the elusive $1 mark
  • Shiba Inu was listed on Robinhood Tuesday

Shiba Inu, the dog-themed meme coin, has seen a considerable spike in its price over the past few days and a top Dogecoin bull said the price could skyrocket a staggering 3200% to $0.001.

David Gokhshtein, the CEO of crypto media firm Gokhshtein Media and PAC Protocol, believes Shiba could "touch" the $0.001 mark. 

In a series of tweets, the crypto influencer shared his optimism about the second-largest dog-themed meme coin, noting that it could serve as the gateway for Bitcoin investors.

Illustration shows representations of virtual cryptocurrencies Representations of virtual cryptocurrencies are seen in this illustration taken November 28, 2021. Photo: Reuters / DADO RUVIC

Gokhshtein said in one tweet that while he is "super bullish on Bitcoin," he is "open-minded to everything," noting that "projects like $SHIB will introduce people who don’t know that they could buy a fraction of a #bitcoin to our space."

When Shiba Inu was listed on the commission-free crypto platform Robinhood, he also commented that it "is a great thing for the space. My people will come in and eventually go into #bitcoin and $ETH. Just like they did with $DOGE."

Gokhshtein's optimism about the rise in the price of Shiba Inu could be due to his belief that meme coins are the gateway to cryptocurrency for greenhorn investors. 

Generally, meme coins experience an upward trend in price in the initial years, which is good and profitable for new investors who are still learning the ropes and do not have a lot to spare.

The cryptocurrency influencer also expressed a similar opinion in October last year when he said that Dogecoin had brought many people into Bitcoin.

On Tuesday, the Shib Army celebrated the meme coin's listing on Robinhood and saw the SHIB price surge to over 20%, which is still almost 70% below its historic peak of $0.00008845 in October 2021.

Shiba Inu was trading down 2.71% at $0.000026 with a 24-hour trading volume of $1,075,303,568 as of 12:47 a.m. ET on Friday, based on data from CoinMarketCap.