SHIB is a decentralized, community-led currency held by millions across the globe. Since its inception in late 2020, the Ethereum-based SHIB token has grown to become a worldwide phenomenon, and is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for Robinhood to list its coin. “By rolling out wallets we will go a long way towards addressing the primary pain point that customers feel right now,” Tenev said, alluding to the common gripe that when Robinhood customers buy cryptocurrencies they are stuck in Robinhood’s ecosystem. Robinhood’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at blockchain analytics platform Nansen.
SHIB: The Metaverse and Shibarium
Shiba Inu investors and community members believe that a Robinhood listing could propel the coin to even greater heights, and a change.org petition imploring Robinhood to list the new coin has gathered nearly 400,000 signatures. Polygon is an Ethereum sidechain that was designed to speed up transactions and ease the load on the main Ethereum network. It’s native coin MATIC, which is used to pay for transactions on the Polygon network, is the 16th biggest cryptocurrency by market cap and was trading for $1.43 at the time of writing. After months of lobbying, and 559,701 petition signatures, popular dog-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with three other top-100 cryptos. While the SHIB token had been available on major exchanges such as Coinbase, Binance, Kucoin, and others, it was not available on Robinhood.
Shiba holders had been pushing to get it listed on Robinhood
Benzinga simplifies the market for smarter investingTrade confidently with insights and alerts from xcritical website analyst ratings, free reports and breaking news that affec… For this reason, Ryoshi can be «pure and unbiased,» getting satisfaction from Shiba «in other ways.» Shiba Inu marketing lead LUCIE has chimed in on the Bitcoin bull run debate and when it is likely to begin in full force.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
“Due to uncertain and volatile market conditions, [listing SHIB] might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” says Khoo. Shiba inu, which is a dogecoin spin-off, rose more than 20% on Tuesday after an anonymous crypto whale bought 276.6 billion tokens for about $11.5 million. As the third most Googled cryptocurrency in 2021, it’s become impossible to ignore. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs).
Shiba Inu Token Unlocks
- Benzinga simplifies the market for smarter investingTrade confidently with insights and alerts from analyst ratings, free reports and breaking news that affec…
- This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
- The anonymous creator of the Shiba Inu coin is known as «Ryoshi.» However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
- Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services.
- “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says.
It runs on the Ethereum network and seemingly sprung out of nowhere last year to become a significant player in the crypto world. Currently, Robinhood users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms. A crypto wallet will still limit users to buying and selling Robinhood-approved currencies, but the wallet will let users transfer their holdings to outside accounts from which they can trade assets on other platforms. Shiba inu is already available to trade on other platforms including Coinbase, Binance, eToro, Crypto.com, Atomic Wallet, and KuCoin.
Meanwhile, users have only seven cryptocurrency options on Robinhood, including bitcoin, dogecoin, and ether. If Shiba Inu joins Robinhood, it would be the final piece of the puzzle for the meme-based xcritical cheating cryptocurrency, which has already made its way onto Coinbase, which is another popular trading platform, and Public, a retail trading app that rivals Robinhood. Today, Robinhood users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance. In the second quarter of 2021, Robinhood made $233 million in revenue from crypto trading, accounting for nearly 40% of Robinhood’s $565 million in total revenue that quarter. Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services.
Over 1 million people—representing a third of Robinhood’s users at the time—signed up to join a wait list before Robinhood launched crypto trading in 2018. An online petition, created by Change.org user called Tristan Luke in May, requests people to sign up to «encourage Robinhood to be the first traditional brokerage» to list the shiba inu coin. Robinhood saw its shares fall Wednesday below the company’s IPO price right after the platform reported worse-than-expected third-quarter revenues due to a drop in cryptocurrency trading, Fortune reports. If you would like to know where to buy Shiba Inu at the current rate, the top cryptocurrency exchanges for trading in Shiba Inu stock are currently Binance, BIKA, Zedcex Exchange, DOEX, and Bybit. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB.
This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. The drop comes as rumors picked up last week about Shiba Inu coin joining Robinhood’s cryptocurrency trading app. As I wrote for Deseret News, the Robinhood app is considered a mainstream cryptocurrency trading app. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.
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 $11.70 per share from August peak price. But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app Robinhood also helped spark SHIB’s recent trading frenzy.
Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. 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. 15, 2022 to 1,128,221 as of yesterday, according to CoinMarketCap.com. I would keep my eye on that important metric to wait and see if the SHIBA team can reverse 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 matter.
According to Ryoshi, he had «a fren» he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His «job» is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021. The anonymous creator of the Shiba Inu coin is known as «Ryoshi.» However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik xcritical official site Buterin.
Robinhood, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. Robinhood is a popular stock and cryptocurrency app that lets anyone (as long as they are an adult) get involved in trading. Today the app added support for SHIB, as well as Solana (SOL), Polygon (MATIC), and Compound (COMP).
On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before.
In the third quarter, Robinhood earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in Robinhood’s overall revenue. Robinhood was founded in 2013 with the mission of making trading more accessible to average investors, launching a user-friendly app that made it easier to trade stocks and ETFs. «We feel very, very good about the coins that we’re currently listing on our platform,» Robinhood CEO Vlad Tenev said in a Q3 earnings call on Tuesday. «And for any new coins that we add, we want to feel equally, if not more, good. So we’re going to be very careful. We’re a regulated entity, and we’re hopeful to get some clarity soon on coins.» We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. “Fading retail engagement, particularly among Robinhood’s lower end consumer customer base, could represent further headwinds .