The Shiba Inu community has successfully pressured Robinhood into listing Shiba Inu on their platform. While the commission-free investing app is yet to release an official press release on this new development, there is a lot of excitement and optimism about the memecoin’s listing.
Shiba Inu on Robinhood’s List
Meme crypto coin Shiba Inu appears to have been listed by commission-free investing app Robinhood, exciting many SHIB holders. The meme coin now appears on the official website, even though the company has yet to officially announce the new addition to its lineup.
The price of the SHIB token increased by 8.3% on the news, outperforming the rest of the significant coins amid lethargic market action. It is currently trading at $0.00002479 on the Binance exchange.
Robinhood introduced Dogecoin early on, and it grew with the backing of Elon Musk, making up 62% of its quarterly crypto sales in Q2 2021. However, Coinbase, which introduced Dogecoin in June 2021, became quicker and faster to the draw for Shiba Inu.
Coinbase introduced Shiba in September 2021, just a few months after it began gaining traction. Shortly after, Shiba noticed a large price boom from $0.00002 to $0.00008. So now it appears Robinhood has listed Shiba, albeit seven months behind.
What the Listing Means for Shiba
Shiba Inu is the second-highest memecoin on the market cap at over $13 billion. Therefore, listing Shiba Inu will boost Robinhood and SHIB itself in a few ways.
The creator of the change.org petition to get SHIB listed on Robinhood noted: “A Robinhood listing would open trading to its 17 million traders. In addition, it would open up the token to easy trades for many people who may not have or may not be comfortable with a crypto exchange.”
Furthermore, the Robinhood listing will also cause SHIB to lurch even higher after Coinbase’s successful listing. And analysts are predicting resistance at 0.000030, 0.000035 and 0.000040 levels.