Shiba Inu’s cost surged as loftier every bit 31% afterwards the announcement was made on Robinhood’s official Twitter channel today.
- Trading app Robinhood announced on its official Twitter channel today that it was listing a handful of cryptocurrencies including Shiba Inu.
- The Shiba Inu token soared as high as 31% within the starting time hours of the news and has since settled back to a 19.65% pump at time of writing co-ordinate to CoinMarketCap.
- The other three newly listed cryptos on Robinhood were up unmarried digits following the news: Solana was upwardly 4.64%; Polygon was up 5.18%; and Compound was up 7.56%.
Afterwards months of lobbying, and 559,701 petition signatures, pop canis familiaris-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with 3 other top-100 cryptos. Robinhood broke the news on its official Twitter channel today.
The Shiba Inu token soared as high as 31% within the first hours of the news and has since settled back to a respectable 19.65% intraday pump at time of writing, co-ordinate to CoinMarketCap. The other iii newly listed cryptos on Robinhood were upward single digits respectively post-obit the news: Solana was up iv.64%; Polygon was upwardly five.xviii%; and Compound was up 7.56%.
Shiba holders had been pushing to become information technology listed on Robinhood
SHIB was created anonymously in August 2020 equally an Ethereum-based alternative to Dogecoin. Last twelvemonth, 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 as Coinbase, Binance, Kucoin, and others, it was not available on Robinhood. To help hasten SHIB’due south listing on Robinhood, a petition launched concluding summertime to persuade Robinhood to adopt the token. Equally of today, the Alter.org digital petition was still live and had 559,701 signatories — more than than halfway to its target of one million. It’south hard to tell whether the lobbying activity or petition had whatsoever outcome.
The decision to listing the four cryptos is more than likely an effort past 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 loftier of $70.94 on Aug. 4, 2021. Today it’s trading at a steep 83% discount at $xi.70 per share from August meridian price. Interestingly, the same day Robinhood announced the launch of its digital wallet last week allowing holders to move digital assets off the trading app, an annotator 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 price.
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“Fading retail engagement, peculiarly amid Robinhood’s lower end consumer customer base, could represent farther headwinds . While the company has negotiated much better economic science on crypto trading, we run into the decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman.
Co-ordinate to Yahoo! Finance at press fourth dimension, Robinhood stock was up ii.11% while the broader S&P 550 was only up 0.eleven%. So it appears that this news has helped tiresome HOOD’due south slide for now.
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 it announced the launch of its metaverse. Frankly, that’south very surprising peculiarly when you consider the extremely positive news bike Shiba Inu has enjoyed over the past few weeks.
The launch of its own metaverse; the resulting virtual state sale via its meta portal; news that the country of Turkey was exploring SHIB every bit a possible culling currency; the awaiting launch of its own stablecoin named SHI; plans for a major gaming innovation for its virtual earth; besides every bit the Robinhood listing were all big announcements that take occurred during the past 21 days.
Yet none of these announcements were able to sustain their respective gains or build on each other’s gains. That’s not a adept sign.
An even worse sign is that Shiba Inu officially lost more than 70,000 token holders over the past month — falling from a tiptop of 1,199,453 SHIB holders on Mar. 15, 2022 to ane,128,221 equally of yesterday, according to CoinMarketCap.com. I would keep my eye on that important metric to look and see if the SHIBA team can reverse compunction of its holders, because if Shiba Inu can’t go along and abound its user base — then all the news in the world won’t affair.