SHIB token spiked more than 19% on the back of the rumor that commission-free trading app Robinhood is planning to list Shiba Inu.
Robinhood then took to Twitter to clarify that they “have not made any announcements with regards to SHIB or any other upcoming coins.”
As a result, SHIB token’s price saw a drop but didn’t pare much of its gains. As of writing, SHIB is trading at $0.00002831.
Up 1,307% YTD and 50,395,941.6% since late November, SHIB is still down 25% from its May all-time high of $0.00003791.
Popularly known as “Doge Killer” in its community, Shiba Coin recently gained exposure to a wider audience by getting listed on the top cryptocurrency exchanges Binance and Coinbase.
With the amount of money Robinhood makes from DOGE trading, wonder when they get around to listing SHIB.
Someone show this chart to Vlad. pic.twitter.com/WbYhlFtpP8
— Hsaka (@HsakaTrades) October 5, 2021
The SHIB community has also been asking Robinhood to list the coin on the platform and started a petition on Change.org. The petition created a few months ago has garnered more than 268,220 signatures so far.
Currently, Robinhood only has seven cryptocurrencies available on its platform, but it has said that it may add more crypto in the future. However, for now, their focus is on crypto wallets which it is expected to begin testing this month that will allow transfer of crypto assets to other wallets.
The trading app gained popularity during the meme stock craze last year, with Dogecoin playing a big part in its success. In the quarter ended June 30, 2021, Robinhood’s crypto revenue surged 4,560% from a year earlier, with DOGE accounting for 62% of that.
Dogecoin is the 10th largest coin with a market cap of $32.48 billion which is trading at $0.2467, up 4,233% YTD and down more than 66% from the May peak. SHIB, in comparison, is a $14 billion market cap coin sitting at 12th place. DOGE -4.48% Dogecoin / USD DOGEUSD $ 0.25
-$0.01-4.48% Volume 2.58 b Change -$0.01 Open $0.25 Circulating 131.76 b Market Cap 32.5 b 29 s SHIB’s Robinhood Listing Effect, Petition Draws Nearly 270k Supporters 4 d CME Bitcoin Futures Open Interest Cracks A New ATH, Ethereum Aims for $4k Again 1 w Bitcoin Miner Maker Ebang Focusing on R&D and Sales of Dogecoin Mining Machines Besides BTC
Given the growing popularity of SHIB and bulls reentering the market, it won’t be far-fetched of Robinhood to list the meme coin. With SHIB listing bringing in tons of volume, more than Bitcoin and Ethereum at one point on Binance and Coinbase, it will be a lucrative option for Robinhood as well. BTC 2.20% Bitcoin / USD BTCUSD $ 62,184.65
$1,368.062.20% Volume 37.06 b Change $1,368.06 Open $62,184.65 Circulating 18.85 m Market Cap 1.17 t 29 s SHIB’s Robinhood Listing Effect, Petition Draws Nearly 270k Supporters 17 min Bitcoin ETF: Demand for ProShares to Attract $50B, Invesco Drops Out of Race, Valkyrie Changes Ticker to BTFD 21 h Brazil’s Central Bank Governor Expects Crypto Investment in Country to Surpass $9 Billion ETH 1.70% Ethereum / USD ETHUSD $ 3,800.79
$64.611.70% Volume 16.26 b Change $64.61 Open $3,800.79 Circulating 117.99 m Market Cap 448.45 b 29 s SHIB’s Robinhood Listing Effect, Petition Draws Nearly 270k Supporters 20 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 1 d Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month