The company later announced on Twitter that it is giving away $100,000-worth of the new cryptocurrencies it listed. Crypto markets are highly volatile, and trading or holding crypto can lead to loss of your assets. Crypto is not legal tender, and is not backed by any government or covered by any government compensation scheme. In January 2018, Robinhood began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S. Tor Constantino is a corporate communications executive and business writer with an MBA.
- 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.
- “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.
- “Fading retail engagement, particularly among Robinhood’s lower end consumer customer base, could represent further headwinds .
- The drop comes as rumors picked up last week about Shiba Inu coin joining Robinhood’s cryptocurrency trading app.
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.
Breaking: Shiba Inu Is Now Listed on Robinhood. Should You Buy?
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.
Shiba inu surges 60% to record high as a petition count for Robinhood to list the dogecoin-inspired token tops 330,000
It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges. According to Ryoshi, the end goal is that SHI becomes a global stable currency «that plebs across all countries are able to use as both a store of value and method of payment.» Shiba Inu coin was created anonymously in August 2020 under the pseudonym «Ryoshi.» Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming. An Elon Musk tweet about his Shiba Inu puppy xcritical website Floki supercharged the meme token’s run higher this month. But the coin’s value slid briefly after Musk revealed he doesn’t in fact have any personal investment in it. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide.
“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).
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.
Most Visited Cryptocurrencies
A spokesperson for Public said adding Shiba Inu coin gave investors a chance to pick more crypto tokens — but it comes with a risk. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap.
On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new xcritical cheating 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.
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.
To help hasten SHIB’s listing on Robinhood, a petition launched last summer to persuade Robinhood to adopt the token. As of today, the Change.org digital petition was still live and had 559,701 signatories — more than halfway to its target of 1 million. Compound, a decentralized finance (DeFi) project for taking out loans, is currently trading for roughly $129.25 with a market cap of $868 million. Solana, a layer-1 blockchain network that aims to compete with Ethereum, holds the position as the sixth biggest cryptocurrency and is trading for $106.71. SHIB not only spiked the xcritical rezension most, it is the best performing cryptocurrency in the past 24 hours.
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.
Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says. Vincent Lau, managing director of international operations at crypto exchange Huobi Global, says that while SHIB’s bull run may falter, he thinks the coin is likely here to stay. For consumers’ sake, Robinhood may also be wary of adding another volatile currency to its ecosystem.
Popular Tokens on the Ethereum Chain
Benzinga simplifies the market for smarter investingTrade confidently with insights and alerts from 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.
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 Buterin.