Is Shiba Going To Be Listed On Robinhood

Shiba Inu dog digging a hole at the beach.

Shiba Inu’south price surged equally high every bit 31% later on 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 as high as 31% inside the first hours of the news and has since settled back to a 19.65% pump at fourth dimension of writing according to CoinMarketCap.
  • The other three newly listed cryptos on Robinhood were upwards unmarried digits following the news: Solana was up 4.64%; Polygon was up 5.18%; and Chemical compound was upwards 7.56%.

After months of lobbying, and 559,701 petition signatures, popular domestic dog-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with three other acme-100 cryptos. Robinhood broke the news on its official Twitter channel today.

The Shiba Inu token soared as high every bit 31% within the first hours of the news and has since settled back to a respectable 19.65% intraday pump at time of writing, according to CoinMarketCap. The other iii newly listed cryptos on Robinhood were upwards unmarried digits respectively following the news: Solana was up 4.64%; Polygon was upwardly 5.xviii%; and Compound was upwardly seven.56%.

Shiba holders had been pushing to become it listed on Robinhood

SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin. Final year, 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 bachelor on major exchanges such as Coinbase, Binance, Kucoin, and others, it was not available on Robinhood. To help hasten SHIB’s list on Robinhood, a petition launched concluding summer to persuade Robinhood to adopt the token. Equally of today, the Modify.org digital petition was still alive and had 559,701 signatories — more halfway to its target of one million. It’southward difficult to tell whether the lobbying activeness or petition had whatsoever effect.

The conclusion to list the four cryptos is more probable an effort by Robinhood to slow its recent 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 high of $70.94 on Aug. 4, 2021. Today it’s trading at a steep 83% discount at $eleven.70 per share from August elevation price. Interestingly, the same day Robinhood announced the launch of its digital wallet last calendar week assuasive holders to move digital assets off the trading app, an annotator at Goldman Sachs downgraded Robinhood from Neutral to Sell, cutting its cost target for HOOD to $xiii per share — nigh 66% lower the company’s initial public offering cost.

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“Fading retail engagement, particularly amongst Robinhood’s lower end consumer customer base, could represent further headwinds . While the visitor has negotiated much better economics on crypto trading, we see the pass up in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman.

According to Yahoo! Finance at press fourth dimension, Robinhood stock was up 2.xi% while the broader S&P 550 was merely up 0.eleven%. Then information technology appears that this news has helped tiresome HOOD’southward slide for now.

Is Shiba Inu a buy?

As of this writing, CoinMarketCap shows that SHIB is priced at $0.00002671, which is really lower than its $0.00002745 price dorsum on Mar. 31 when it appear the launch of its metaverse. Frankly, that’due south very surprising peculiarly when you consider the extremely positive news cycle Shiba Inu has enjoyed over the past few weeks.

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

Yet none of these announcements were able to sustain their respective gains or build on each other’southward gains. That’south non a skillful sign.

An even worse sign is that Shiba Inu officially lost more than 70,000 token holders over the past month — falling from a peak of 1,199,453 SHIB holders on Mar. fifteen, 2022 to 1,128,221 as of yesterday, co-ordinate to CoinMarketCap.com. I would keep my eye on that important metric to wait and meet if the SHIBA team tin can opposite attrition of its holders, because if Shiba Inu can’t keep and grow its user base — then all the news in the world won’t affair.

Source: https://www.fool.com/the-ascent/cryptocurrency/articles/breaking-shiba-inu-is-now-listed-on-robinhood-should-you-buy/

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