SHIB’s Robinhood Listing Effect, Petition Draws Nearly 270k Supporters
SHIB token spiked more than 19% on the back of the rumor that commission-free trading app Robinhood is planning to list Shiba Inu.
Robinhood then took to Twitter to clarify that they “have not made any announcements with regards to SHIB or any other upcoming coins.”
As a result, SHIB token’s price saw a drop but didn’t pare much of its gains. As of writing, SHIB is trading at $0.00002831.
Up 1,307% YTD and 50,395,941.6% since late November, SHIB is still down 25% from its May all-time high of $0.00003791.
With the amount of money Robinhood makes from DOGE trading, wonder when they get around to listing SHIB.
Someone show this chart to Vlad. pic.twitter.com/WbYhlFtpP8
— Hsaka (@HsakaTrades) October 5, 2021
The SHIB community has also been asking Robinhood to list the coin on the platform and started a petition on Change.org. The petition created a few months ago has garnered more than 268,220 signatures so far.
Currently, Robinhood only has seven cryptocurrencies available on its platform, but it has said that it may add more crypto in the future. However, for now, their focus is on crypto wallets which it is expected to begin testing this month that will allow transfer of crypto assets to other wallets.
The trading app gained popularity during the meme stock craze last year, with Dogecoin playing a big part in its success. In the quarter ended June 30, 2021, Robinhood’s crypto revenue surged 4,560% from a year earlier, with DOGE accounting for 62% of that.
Dogecoin is the 10th largest coin with a market cap of $32.48 billion which is trading at $0.2467, up 4,233% YTD and down more than 66% from the May peak. SHIB, in comparison, is a $14 billion market cap coin sitting at 12th place. DOGE 0.74% Dogecoin / USD DOGEUSD $ 0.09
$0.000.74% Volume 510.04 m Change $0.00 Open $0.09 Circulating 132.67 b Market Cap 12.19 b 1 y Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 1 y Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 1 y DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch
Given the growing popularity of SHIB and bulls reentering the market, it won’t be far-fetched of Robinhood to list the meme coin. With SHIB listing bringing in tons of volume, more than Bitcoin and Ethereum at one point on Binance and Coinbase, it will be a lucrative option for Robinhood as well. BTC 0.46% Bitcoin / USD BTCUSD $ 23,094.05
$106.230.46% Volume 26.52 b Change $106.23 Open $23,094.05 Circulating 19.28 m Market Cap 445.37 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH 2.00% Ethereum / USD ETHUSD $ 1,672.65
$33.452.00% Volume 8.37 b Change $33.45 Open $1,672.65 Circulating 122.37 m Market Cap 204.69 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022