Now you can buy its native token SHIB on major exchanges like Coinbase, eToro and Robinhood. After appreciating substantially, SHIB became a leading rival of Dogecoin. SHIB is looking to make a place among the top 10 cryptocurrencies in the world.
These trading platforms are known targets for hackers, and your assets could be at risk here. Although many of them hold some level of insurance against losses, you are not guaranteed to be able to recover all funds. Online brokerage Robinhood Markets, Inc. (HOOD) added four new cryptocurrencies to its trading platform on April 12, 2022, leading to excitement among cryptocurrency traders and holders. Robinhood Crypto now features Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB), all top 100 cryptocurrencies on the CoinMarketCap ratings. The company is currently testing its crypto wallet, which will allow users to move crypto assets on and off the platform with ease.
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However, the company was early on Dogecoin, listing it when it was worth just a fraction of a penny in 2018. With SHIB’s similar situation, combined with the rabid following it has on social media and its multi-hundred-percent gains, the stars are certainly aligning for something to happen. The Fed plans to jack interest rates three times this year, which will disproportionately affect highly speculative assets such as SHIB, as investors seek safer plays. A listing on Robinhood could be perfectly timed to help protect SHIB from further price slippage following inevitable interest rate hikes to attempt to slow eight straight months of 5%-plus year-over-year inflation.
All the reasons why Robinhood might be holding off on a Shiba Inu coin listing
Reaching 1 cent would require a massive gain that values the total market capitalization of Shiba Inu to become greater than all cryptocurrencies combined. Shiba Inu trades between buyers and sellers on crypto exchanges and is not likely a scam. However, SHIB is certainly risky because it has risen in value mostly from memes spreading on social media and Reddit. Some people find it funny and relevant, but many consider it as a bubble. The Shiba Inu is a Japanese breed of dog that originated around 2,300 years ago.
- “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says.
- On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu.
- After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.
In the context of crypto, Shiba Inu is a meme coin-based ecosystem launched in 2020 by an anonymous person or group named Ryoshi. It was inspired by the success of Dogecoin, another meme coin with a dog as the primary icon. Our team is diligently working to keep up with trends in the crypto markets. While it may be valuable to know which currencies will be listed on major exchanges like Robinhood ahead of the news release, it’s unlikely this information will be shared with individuals, as it would be akin to insider trading. Instead, you can expect significant public announcements like Robinhood’s recent post. It’s not confirmed that Robinhood will actually take on a SHIB listing.
Is a listing necessary?
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 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. “Fading retail engagement, particularly among Robinhood’s lower end consumer customer base, could represent further headwinds .
Indeed, the company’s executives have reiterated numerous times its plans to expand its crypto tools, including the coins which it will offer in the future. This then brings us to the age-old question of, “When will Shiba Inu hit Robinhood? ” Robinhood is one of the most popular platforms for retail trading. Notably, it’s the go-to for the meme trading we’ve seen since early January. It’s also one of the only brokerages that offers up the ability to buy crypto in-platform. The app has seen huge success in allowing users to buy a small handful of cryptos, like Bitcoin and Dogecoin.
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Many altcoins — any coin that is not Bitcoin — have massive price swings and can heavily impact your portfolio. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for Robinhood to list its coin. 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. 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.
A news outlet tweeted yesterday that the xcritical official site “Dogecoin Killer” could be available on the exchange next month. However, Coinbase also clearly states that “any asset not referenced in the list does not preclude any such asset from potential listing,” so there is no guarantee that you won’t see future surprises. Cryptocurrencies may receive a lot of attention, but they’re still a relatively small area for Robinhood compared to stock, ETF, and options products. The bullishness on Shiba Inu is pushing the altcoin to new limits today.
To hold Shiba Inu tokens and the best cryptocurrencies for the long term, use a crypto wallet. It is recommended for users who are buying crypto for the first time and is simple and easy to use. Some of the best exchanges to buy Shiba Inu are Coinbase and eToro. For beginners, Coinbase has an easy interface and wallet support.
The first one is a market order — this process executes the order immediately at the current price. You can spread out orders to try to average into or out of a position. 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. On an investor call on Tuesday, xcritical cheating Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide.
Always Consider the Risks When Investing in Digital Currencies
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. Cryptocurrency assets may not be appropriate for all investors, so it’s essential to do good research and understand the risks before investing your own money. If you’re in doubt, it may be wise to consult with a trusted financial professional who can guide you on the most appropriate money and investment decisions for your unique needs. At the beginning of August, SHIB held only $2.5 billion in market cap.
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. Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) soared xcritical cheating to an all-time high of $70.94 on Aug. 4, 2021.
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. SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin’s Scrypt-based network. The Scrypt network has low function since it was designed for crypto mining of certain proof-of-work blockchains. In 2021, thanks to public support from Elon Musk and Ethereum founder Vitalik Buterin, SHIB became wildly popular and experienced a stratospheric price spike of 49,000,000% in a few months. If you are a short-term trader who understands the market and its risks, then SHIB could be a good option for you.
