It finally happened. After a lengthy expect,
Robinhood
(HOOD
1.12%)
announced concluding week the addition of
Shiba Inu
(SHIB
i.08%)
to its popular trading platform. Three other popular cryptocurrencies --
Solana,
Chemical compound, and
Polygon
-- can also at present exist bought and sold on Robinhood.
Unsurprisingly, Shiba Inu soared on the news. Its price rose as much as 34% at i indicate before giving upwardly some of the gains. Could the Robinhood list fifty-fifty launch Shiba Inu to $0.001?
Prototype source: Getty Images.
Example studies
One potential way to determine how high Shiba Inu could get is to examine how other cryptocurrencies have fared after being listed on Robinhood. For example, the trading platform rolled out support for
Bitcoin
(BTC
0.51%)
and
Ethereum
(ETH
0.47%)
on Jan. 25, 2018, in select markets.
Shiba Inu fans won't discover much to like with these historical precedents, though. After a relatively pocket-size bounciness, both Bitcoin and Ethereum proceeded to sink over the next couple of months following their listings on Robinhood.
Bitcoin Price data by YCharts
Nevertheless, there's a much meliorate case written report to utilize. Robinhood began supporting
Dogecoin
(DOGE
3.45%)
on July 16, 2018. Shiba Inu has a lot more than in common with Dogecoin than it does with Bitcoin or Ethereum. Within a matter of days of its Robinhood listing, Dogecoin jumped nearly 40%.
Dogecoin Price data past YCharts
Dogecoin went on to near double over the next couple of months. The bad news, though, is that this proceeds proved to be relatively brusque-lived. By the cease of the year, Dogecoin was in negative territory.
Too, it's hard to contend that Dogecoin's big gain in tardily Baronial and early September of 2018 was due to the altcoin being listed on Robinhood. Dogecoin's cost actually fell 30% beneath its level earlier the Robinhood listing before it surged.
Similar storylines
The storylines for Dogecoin and Shiba Inu leading up to their respective listings on Robinhood are quite similar. Dogecoin had skyrocketed three,700% in the yr before its inclusion on the trading platform.
But the digital token hit a rough patch in 2018. By the time Robinhood listed Dogecoin, the cryptocurrency's toll had plunged fourscore% from its loftier.
Besides, Shiba Inu delivered a spectacular performance in 2021. The meme coin vaulted more 74,000,000% higher at one point the year earlier its Robinhood listing. However, Shiba Inu'due south price was down around 75% from that peak when Robinhood appear support for the token last week.
This doesn't necessarily hateful, though, that Shiba Inu is destined to echo the trajectory of Dogecoin. In that location certainly are unlike dynamics at play in the cryptocurrency marketplace now than there were 3 years agone.
Information technology's a long style to three zeros
Still, information technology'due south a long way to three zeros for Shiba Inu from its current toll. The token would need to soar roughly iii,900% to become to $0.0001.
Perhaps the listing on Robinhood will unleash tremendous need for Shiba Inu that pushes its price much college. Withal, this scenario requires a stretch of the imagination. After all, Robinhood listings for other cryptocurrencies oasis't proven to be longer-term catalysts.
Remember likewise that investors who use Robinhood have had other avenues to purchase Shiba Inu for a while now. Sure, the ability to merchandise the token on the same platform that they use for stocks and other cryptocurrencies adds a level of convenience. Only information technology'due south hard to envision that the Robinhood listing will enable Shiba Inu to reach $0.0001 by itself.
The terminal two words in the previous sentence are important, though. There are other catalysts on the mode that combined could allow Shiba Inu to generate monster returns this twelvemonth. Merely just as Shiba Inu investors had to wait for the Robinhood listing, they'll also have to look on these other developments.
