How To Buy Shiba Inu Coin In Robinhood

Shiba Inu'southward price surged as high as 31% after the announcement was fabricated on Robinhood's official Twitter channel today.

Key points

• Trading app Robinhood announced on its official Twitter channel today that it was list a handful of cryptocurrencies including Shiba Inu.
• The Shiba Inu token soared every bit loftier equally 31% inside the first hours of the news and has since settled back to a nineteen.65% pump at time of writing according to CoinMarketCap.
• The other 3 newly listed cryptos on Robinhood were upwards single digits following the news: Solana was upwards iv.64%; Polygon was upward 5.18%; and Compound was upwardly seven.56%.

Later months of lobbying, and 559,701 petition signatures, popular canis familiaris-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with 3 other summit-100 cryptos. Robinhood bankrupt the news on its official Twitter channel today.

The Shiba Inu token soared equally high as 31% within the beginning hours of the news and has since settled back to a respectable nineteen.65% intraday pump at time of writing, according to CoinMarketCap. The other iii newly listed cryptos on Robinhood were upwards single digits respectively following the news: Solana was up 4.64%; Polygon was up 5.xviii%; and Compound was up vii.56%.

Shiba holders had been pushing to get it listed on Robinhood

SHIB was created anonymously in August 2020 as an Ethereum-based culling to Dogecoin. Last yr, amid public support from Ethereum founder Vitalik Buterin and Tesla CEO Elon Musk, SHIB became wildly popular and realized an incredible price pump of 49,000,000% in a few months.

While the SHIB token had been available on major exchanges such equally Coinbase, Binance, Kucoin, and others, it was non available on Robinhood. To help hasten SHIB's listing on Robinhood, a petition launched last summer to persuade Robinhood to adopt the token. As of today, the Alter.org digital petition was still alive and had 559,701 signatories -- more than halfway to its target of 1 million. It'due south difficult to tell whether the lobbying activity or petition had any effect.

The determination to list the 4 cryptos is more likely an effort by Robinhood to slow its contempo stock slide.

Robinhood has had a rough several months

Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) soared to an all-time loftier of $70.94 on Aug. four, 2021. Today information technology'southward trading at a steep 83% discount at $xi.70 per share from August peak price. Interestingly, the same day Robinhood announced the launch of its digital wallet terminal week allowing holders to move digital avails off the trading app, an analyst at Goldman Sachs downgraded Robinhood from Neutral to Sell, cutting its price target for HOOD to $13 per share -- about 66% lower the company’s initial public offering cost.

“Fading retail engagement, specially among Robinhood’south lower end consumer customer base, could stand for further headwinds . While the company has negotiated much better economics on crypto trading, nosotros run across the refuse in broader manufacture crypto volumes largely offsetting this tailwind ,” co-ordinate to the analyst note from Goldman.

According to Yahoo! Finance at press time, Robinhood stock was up 2.eleven% while the broader S&P 550 was only up 0.11%. So it appears that this news has helped slow HOOD'due south slide for at present.

Is Shiba Inu a purchase?

As of this writing, CoinMarketCap shows that SHIB is priced at $0.00002671, which is actually lower than its $0.00002745 price back on Mar. 31 when information technology announced the launch of its metaverse. Frankly, that's very surprising especially when you consider the extremely positive news cycle Shiba Inu has enjoyed over the by few weeks.

The launch of its own metaverse; the resulting virtual land sale via its meta portal; news that the country of Turkey was exploring SHIB as a possible alternative currency; the pending launch of its own stablecoin named SHI; plans for a major gaming innovation for its virtual world; also equally the Robinhood listing were all large announcements that have occurred during the past 21 days.

Even so none of these announcements were able to sustain their corresponding gains or build on each other'due south gains. That's non a good sign.

An even worse sign is that Shiba Inu officially lost more than seventy,000 token holders over the past calendar month -- falling from a peak of 1,199,453 SHIB holders on Mar. xv, 2022 to 1,128,221 every bit of yesterday, according to CoinMarketCap.com. I would keep my centre on that important metric to wait and see if the SHIBA team can reverse attrition of its holders, considering if Shiba Inu can't keep and abound its user base -- then all the news in the world won't thing.