Shiba Inu Coin Going To Robinhood

It finally happened. After a lengthy wait,
Robinhood
(HOOD
-2.61%
)

appear last week the addition of
Shiba Inu
(SHIB
-ane.64%
)

to its popular trading platform. Three other pop cryptocurrencies —
Solana,
Chemical compound, and
Polygon
— can too now be bought and sold on Robinhood.

Unsurprisingly, Shiba Inu soared on the news. Its cost rose as much as 34% at one point before giving up some of the gains. Could the Robinhood listing even launch Shiba Inu to $0.001?

A smiling man looking at a laptop PC with a Shiba Inu dog standing beside him.

Image source: Getty Images.

Case studies

One potential way to make up one’s mind how high Shiba Inu could go is to examine how other cryptocurrencies have fared afterwards beingness listed on Robinhood. For example, the trading platform rolled out support for
Bitcoin
(BTC
-0.55%
)

and
Ethereum
(ETH
-0.36%
)

on Jan. 25, 2018, in select markets.

Shiba Inu fans won’t find much to like with these historical precedents, though. After a relatively small bounce, both Bitcoin and Ethereum proceeded to sink over the side by side couple of months following their listings on Robinhood.

Bitcoin Price Chart

Bitcoin Toll data by YCharts

Yet, there’south a much ameliorate case written report to utilise. Robinhood began supporting
Dogecoin
(DOGE
-3.76%
)

on July xvi, 2018. Shiba Inu has a lot more in common with Dogecoin than it does with Bitcoin or Ethereum. Within a matter of days of its Robinhood listing, Dogecoin jumped nearly xl%.

Dogecoin Price Chart

Dogecoin Cost data by YCharts

Dogecoin went on to nearly double over the next couple of months. The bad news, though, is that this gain proved to be relatively brusk-lived. By the terminate of the year, Dogecoin was in negative territory.

Also, it’s hard to debate that Dogecoin’s large gain in late August and early on September of 2018 was due to the altcoin being listed on Robinhood. Dogecoin’s price actually fell 30% beneath its level before 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 iii,700% in the yr before its inclusion on the trading platform.

But the digital token hit a rough patch in 2018. By the fourth dimension Robinhood listed Dogecoin, the cryptocurrency’s cost had plunged 80% from its high.

Likewise, Shiba Inu delivered a spectacular performance in 2021. The meme coin vaulted more than than 74,000,000% higher at one point the twelvemonth earlier its Robinhood list. However, Shiba Inu’s price was downwards 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. There certainly are different dynamics at play in the cryptocurrency market place now than in that location were three years ago.

It’southward a long style to three zeros

Even so, it’due south a long manner to 3 zeros for Shiba Inu from its current toll. The token would demand to soar roughly 3,900% to go to $0.0001.

Maybe the list on Robinhood will unleash tremendous demand for Shiba Inu that pushes its price much higher. However, this scenario requires a stretch of the imagination. After all, Robinhood listings for other cryptocurrencies haven’t proven to be longer-term catalysts.

Recall too that investors who use Robinhood take had other avenues to purchase Shiba Inu for a while now. Sure, the ability to trade the token on the same platform that they utilize for stocks and other cryptocurrencies adds a level of convenience. But it’s hard to envision that the Robinhood listing will enable Shiba Inu to reach $0.0001 by itself.

The final two words in the previous sentence are important, though. At that place are other catalysts on the manner that combined could allow Shiba Inu to generate monster returns this year. Simply simply as Shiba Inu investors had to look for the Robinhood listing, they’ll also accept to look on these other developments.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns and recommends Bitcoin, Compound, Ethereum, and Solana. The Motley Fool has a disclosure policy.

Source: https://www.fool.com/investing/2022/04/19/could-the-robinhood-listing-launch-shiba-inu-to-00/

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