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).
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 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.
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 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.
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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 xcritical official site 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.
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 .
- In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
- While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs).
- 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.
- 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.
- As the third most Googled cryptocurrency in 2021, it’s become impossible to ignore.
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While the company has negotiated much better economics on crypto trading, we see the decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman. In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function. A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. The price of SHIB is a lot more volatile than other assets with big market caps, such as MATIC, which powers the Polygon network.
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.
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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 courses scam most, it is the best performing cryptocurrency in the past 24 hours.
Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. The new crypto wallet that Robinhood plans to launch in early 2022 may also make it unnecessary for Robinhood to list coins like Shiba Inu. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, Robinhood released a statement explaining that such regulation could “adversely affect” crypto markets. Shiba inu hit a fresh record Wednesday on growing calls for trading app Robinhood to add the coin to its roster of cryptocurrencies. SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin. Last year, amid public support from Ethereum founder Vitalik Buterin and Tesla CEO Elon Musk, SHIB became wildly popular and realized an incredible price pump of 49,000,000% in a few months.
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.
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.
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.
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 xcritical scammers 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.
