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 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 xcritical rezension entry dates back to May 2021.
It’s difficult to tell whether the lobbying activity or petition had any effect. 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. Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services. 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. Today, Robinhood users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance.
Related Lists
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. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens.
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. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for Robinhood to list its coin. “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. Khoo says that Robinhood may be concerned that listing a new coin like SHIB could open the company and customers up to things like “money laundering, fraud, and cyberattacks,” which is why Robinhood needs to conduct extensive due diligence before adding coins. Cryptocurrency markets are trading higher following Federal Reserve Chair Jerome Powell hinting that the time has come for policy to adjust implying a shift tow…
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. 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, DOEX, Zedcex Exchange, and Bybit. 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. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide. 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.
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. 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. 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 experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. 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. 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. We’re firm believers xcritical website in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
For consumers’ sake, Robinhood may also be wary of adding another volatile currency to its ecosystem. Shiba Inu (SHIB) has experienced a period of relative calm in recent days, characterized by low price volatility leading up to a 6% increase in the last 24 hour… It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment.
- At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short.
- 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.
- 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.
SHIB: The Metaverse and Shibarium
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.” 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. 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. 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.
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. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. “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.
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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. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB.
All the reasons why Robinhood might be holding off on a Shiba Inu coin listing
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. 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 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.
“Fading retail engagement, particularly among Robinhood’s lower end consumer customer base, could represent further headwinds . While the company has negotiated much better economics on crypto trading, we see the xcritical cheating decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman. 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.
