Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon xcritical cheating 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.
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.” For this reason, Ryoshi can be “pure and unbiased,” getting satisfaction from Shiba “in other ways.” 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. The currency’s eye-watering rally has Robinhood users demanding a piece of the action. Compound is an algorithmic, autonomous interest rate protocol built for developers to create open financial applications.
Shiba Inu community
After months of lobbying, and 559,701 petition signatures, popular dog-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with three other top-100 cryptos. If you would like to know where to buy Shiba Inu at the current rate, the top cryptocurrency exchanges for trading in Shiba Inu stock are currently Binance, BIKA, Zedcex Exchange, DOEX, and Bybit. 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. Robinhood’s revenues from crypto trading have grown by 860% over the last year, as retail investor interest in cryptocurrencies boomed, bring the brokerage millions of new customers.
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. The launch of the meme coin Thursday was part of a larger expansion of the trading app’s crypto offerings. Solana (SOL), Polygon (MATIC) and Compound (COMP) are also now listed on the site. 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, 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.
- To help hasten SHIB’s listing on Robinhood, a petition launched last summer to persuade Robinhood to adopt the token.
- In January 2018, Robinhood began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S.
- The currency’s eye-watering rally has Robinhood users demanding a piece of the action.
- On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu.
Apple announces app changes to meet European DMA rules
SHIB is a decentralized, community-led currency held by millions across the globe. Since its inception in late 2020, the Ethereum-based SHIB token has grown to become a worldwide phenomenon, and is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries. After six months of aggressive lobbying by its members, Robinhood has finally listed the Shiba Inu cryptocurrency for trading. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for Robinhood to list its coin. 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. “Due to uncertain and volatile market conditions, [listing SHIB] might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” says Khoo.
Over 1 million people—representing a third of Robinhood’s users at the time—signed up to join a wait list before Robinhood launched crypto trading in 2018. 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.
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. Robinhood currently lists seven cryptocurrencies including dogecoin, which made up 62% of its cryptocurrency transaction volume in the second quarter, boosting its results. Regulators globally have been cracking down on the rapidly expanding cryptocurrency market, xcritical website including the U.S. Securities and Exchange Commission, which has said it is scrutinizing several aspects of digital currencies, including the offer and sale of crypto tokens.
Breaking: Shiba Inu Is Now Listed on Robinhood. Should You Buy?
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. Competitor Coinbase recently announced a new plan to share potential currencies that are being evaluated by the Coinbase team for possible addition. The roadmap for April 1 to June 30, according to the post, includes the potential to add 20 new Ethereum-compatible ERC-20 tokens and five Solana SPL-compatible tokens. At the same time, as a brokerage “you never want to be the last … to list a coin, because that’s the point at which price typically collapses,” said Joseph Edwards, head of research at crypto broker Enigma Securities in London. Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has almost no practical use. Yet its price has rocketed by as much as 1,000% this month, leapfrogging dogecoin to become the world’s eighth largest cryptocurrency with a $42 billion market cap.
“For an exchange that might mean … relaxing their pathway to acceptance by reducing due diligence and eventually they could end up accidentally listing useless coins, or even scams,” he said. The brokerage said this week it plans to wait for more regulatory clarity around any new digital currencies it may list. Say Technologies, LLC provides technology services for shareholder engagement and communication.Sherwood Media, LLC produces fresh and unique perspectives on topical financial news.
View other cryptocurrencies
Investors have found other ways to invest in the memecoin, though, likely making it inevitable that Robinhood would begin trading. For consumers’ sake, Robinhood may also be wary of adding another volatile currency to its ecosystem. On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. An even worse sign is that Shiba Inu officially lost more than 70,000 token holders xcritical website 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.
SHIB: The Metaverse and Shibarium
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. 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 anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto. Cryptocurrencies may receive a lot of attention, but they’re still a relatively small area for Robinhood compared to stock, ETF, and options products.
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. Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance.
