Shiba Inu Wants Robinhood, Or Is It the Different Manner Round?

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It’s been a tough month for the Shib MilitaryShiba Inu (CCC:SHIB-USD) started the month at $0.000088 however as of this writing, SHIB was buying and selling for 0.0000435.

Supply: Shutterstock

I’m certain there are various explanation why the altcoin is slipping. Sarcastically, one among them will be the arrival of the most recent of the “pup cash,” Floki Inu (CCC:FLOKI-USD).  

Nonetheless, one information merchandise that has stored Shiba Inu within the information is its ongoing battle to have the altcoin listed on Robinhood (NASDAQ:HOOD). 

The alternate that has soared in reputation with retail buyers has, for now, refused so as to add Shiba Inu to the listing of cryptocurrencies it lists. At this level, the Shib Military has been unsuccessful regardless of gathering over 400,000 signatures. 

As I’ve talked about on many events, I’m not a present investor in cryptocurrency so I’ve no vested curiosity within the end result.

From the second I first heard concerning the potential itemizing, although, I questioned which entity would profit extra from the association.

Why Shiba Inu Wants Robinhood 

It appears easy sufficient. Shiba Inu briefly grew to become the ninth-largest cryptocurrency by market cap by constructing a devoted and passionate group.

The altcoin managed to carry up regardless of what was termed the “Elon Musk stress take a look at” which merely meant that Musk revealed that he didn’t personal any SHIB. The forex additionally held up regardless of a 31.04 billion dump by a Shiba Inu whale.  

So if the coin may crack the highest 10 of cryptos in about one yr with out being traded on Robinhood, it’s logical to imagine a Robinhood itemizing may function rocket gas for SHIB. Being listed on the alternate would additionally assist add credibility that the altcoin is not only a meme coin.  

A distinct query is why Robinhood might have Shiba Inu. The reply might merely be to maintain up with its competitors. That was some extent that was made within the firm’s final earnings report.

The corporate reported that it noticed a decline in crypto exercise. HOOD inventory subsequently dropped 8%. For its half, Coinbase (NASDAQ:COIN) is prominently that includes SHIB on its app.  

The considering, due to this fact, is that itemizing SHIB on the platform wouldn’t solely be a superb advertising transfer, however it might increase buying and selling income. 

Will SHIB Win This Battle? 

Most likely sure, however I’m unsure it must. I’m additionally unsure it might wish to. This could possibly be a case of being cautious what you want for.  

Robinhood already ran afoul of regulators for its function within the GameStop (NYSE:GME) quick squeeze. The issue with occasions like these is that they at all times go away a ripple impact.

On this case, it’s comprehensible that Robinhood needs better regulatory readability earlier than it provides extra altcoins. The truth is, chief working officer Christine Brown mentioned Robinhood needs “to ensure that we’re working in assessing all the things from a regulatory perspective rather well.” 

Nonetheless, Robinhood has already accepted different altcoins together with Dogecoin (CCC:DOGE-USD) which noticed a rise in buying and selling quantity by over 60% because it started buying and selling on the platform.

Nonetheless, it hasn’t been a totally easy union. DOGE holders are wagging their fingers (actually not their tails) at Robinhood as a result of it’s delaying entry to the latter’s digital pockets. 

The Backside Line 

In the long run, I imagine this generally is a win-win state of affairs that’s turning into needlessly confrontational. If SHIB is the viable token that the SHIB Military is certain it’s then it ought to proceed to do properly regardless of being left off Robinhood.

That, in flip, could be all of the proof that Robinhood wants so as to add the coin.  

InvestorPlace doesn’t usually publish commentary about cryptocurrencies which have a market capitalization lower than $100 million or commerce with quantity lower than $100,000 every day. That’s as a result of these “penny cryptos” are continuously the playground for rip-off artists and market manipulators. Once we do publish commentary on a low-volume crypto which may be affected by our commentary, we ask that’s writers disclose this reality and warn readers of the dangers.

 Learn Extra: Keep away from Standard Cryptocurrency Scams

On the date of publication, Chris Markoch didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the Publishing Tips.  

Chris Markoch is a contract monetary copywriter who has been masking the marketplace for seven years. He has been writing for InvestorPlace since 2019. 


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