Robinhood Listing Rumor Sends Shiba Inu 13% Higher Today

Dog-inspired meme tokens had a generally good day Wednesday. But Shiba Inu (CRYPTO: SHIB) significantly outperformed other large-cap meme tokens such as Dogecoin (CRYPTO: DOGE). As of 3:50 p.m. ET, Shiba Inu was up by 13.8% over the prior 24 hours, while Dogecoin's gains amounted to 4.9%.

To be sure, both tokens outperformed the broader crypto market, which rose by 3.5% over the same time frame. Broadly speaking, risk assets climbed Wednesday as investors took a sigh of relief following the Labor Department's December consumer price index report. Inflation by that measure came in at 7% year over year, meeting the market's expectations and avoiding the "what if" discussion analysts had been preparing for had it been higher.

In addition to the macro-economic news, Shiba Inu got a big jolt from rumors that Robinhood (NASDAQ: HOOD) could list the token as early as February. A tweet from BreakingCrypto Wednesday morning triggered a wild spike in SHIB's price.

Source Fool.com