Shiba Inu’s price surged as high as 31% after the announcement was made on Robinhood’s official Twitter channel today.
Key points
- 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 first hours of the news and has since settled back to a 19.65% pump at time of writing according to CoinMarketCap.
- The other three newly listed cryptos on Robinhood were up single digits following the news: Solana was up 4.64%; Polygon was up 5.18%; and Compound was up 7.56%.
After months of lobby, and 559,701 prayer signatures, popular dog-themed cryptocurrency Shiba Inu ( SHIB ) has been listed on mobile deal app Robinhood along with three other top-100 cryptos. Robinhood broke the news on its official Twitter channel today. The Shiba Inu keepsake soared arsenic high as 31 % within the first hours of the news and has since settled back to a respectable 19.65 % intraday pump at meter of spell, according to CoinMarketCap. The other three newly listed cryptos on Robinhood were astir single digits respectively following the newsworthiness : Solana was up 4.64 % ; Polygon was up 5.18 % ; and Compound was up 7.56 %.
Shiba holders had been pushing to get it listed on Robinhood
SHIB was created anonymously in August 2020 as an Ethereum-based option to Dogecoin. last year, amid public confirm from Ethereum laminitis Vitalik Buterin and Tesla CEO Elon Musk, SHIB became wildly popular and realized an incredible price heart 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 ‘s listing on Robinhood, a request launched last summer to persuade Robinhood to adopt the token. As of today, the Change.org digital request was still populate and had 559,701 signatories — more than halfway to its target of 1 million. It ‘s difficult to tell whether the lobby activity or prayer had any impression. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent sprout slide .
Robinhood has had a rough several months
Since its initial list on the NASDAQ stock change 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 parcel from August vertex price. Interestingly, the same day Robinhood announced the launch of its digital wallet last week allowing holders to move digital assets off the trade app, an analyst at Goldman Sachs downgraded Robinhood from Neutral to Sell, cutting its price prey for HOOD to $ 13 per contribution — about 66 % lower the ship’s company ’ s initial populace offer price.
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Get started “ Fading retail battle, particularly among Robinhood ’ s lower end consumer customer base, could represent far headwinds [ negative pressure ]. While the company has negotiated much better economics on crypto trade, we see the decline in broader industry crypto volumes largely offsetting this tailwind [ positive momentum ], ” according to the analyst note from Goldman. According to Yahoo ! finance at urge time, Robinhood standard was up 2.11 % while the broader S & P 550 was merely astir 0.11 %. So it appears that this news has helped slow HOOD ‘s slide for now .
Is Shiba Inu a buy?
As of this writing, CoinMarketCap shows that SHIB is priced at $ 0.00002671, which is actually lower than its $ 0.00002745 price bet on on Mar. 31 when it announced the launch of its metaverse. Frankly, that ‘s identical surprising particularly when you consider the highly positive news program cycle Shiba Inu has enjoyed over the past few weeks. The launch of its own metaverse ; the resulting virtual land sale via its meta portal ; newsworthiness that the nation of Turkey was exploring SHIB as a possible option currency ; the pending launch of its own stablecoin named SHI ; plans for a major gambling invention for its virtual worldly concern ; a well as the Robinhood number were all boastful announcements that have 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 commodity sign. An even worse signal is that Shiba Inu officially lost more than 70,000 token holders over the by calendar month — falling from a vertex 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 center on that important metric function to wait and see if the SHIBA team can reverse attrition of its holders, because if Shiba Inu ca n’t keep and grow its exploiter base — then all the news in the world wo n’t matter.
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