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“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. 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.
- With a stock, you’re investing in the future of that business, so if it does well, your investment will do well over time.
- 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.
- SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin’s Scrypt-based network.
- Robinhood may also be wary of the threat of new crypto rules and regulations.
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. 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. After years of only trading a few cryptocurrencies, Robinhood now has added SHIB to its platform.
Its crypto FAQ now lists Shiba Inu, while the platform also shared a tweet confirming the news. Shiba Inu has risen substantially during its brief existence, before plunging almost as fast. Rather than looking at the price gains and falling into fear of missing out, it’s vital to understand what you’re buying and why it may or may not xcritical official site rise in value. In the case of most cryptocurrencies, they’re not backed by the assets or cash flow of an underlying business.
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. But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app Robinhood also helped spark SHIB’s recent trading frenzy. Shiba Inu investors and community members believe that a Robinhood listing could propel the coin to even greater heights, and a change.org petition imploring Robinhood to list the new coin has gathered nearly 400,000 signatures. We have continued to note the persistent demands from Shiba Inu investors for this much-anticipated listing (read here and here). In fact, a petition on Change.org has already garnered 555,320 signatures (at the time of writing) to list Shiba Inu on Robinhood.
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.» For this reason, Ryoshi can be «pure and unbiased,» getting satisfaction from Shiba «in other ways.»
Shiba Inu Price Live Data
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. Shiba Inu also has other aspects of a community, including ShibaSwap, its own decentralized platform for trading coins, and Shiboshis, a type of non-fungible token (NFT). But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin.
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However, during its earnings call last October, Robinhood CEO Vlad Tenev stated that it is very cautious when considering whether or not to add new coins or tokens to its offerings. «We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,» Tenev said. Robinhood is moving towards a greater level of crypto integration, indicating that there could be an interest in listing the popular memecoin. 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.
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. One thing is for certain, though — Robinhood knows about the Shiba Inu coin (SHIB) craze and the public demand for its listing. Here’s hoping this leads to a Robinhood update revealing that SHIB is available on the leading trading platform. 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.
Most Visited Cryptocurrencies
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 . 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. 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. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap.
It’s difficult to tell whether the lobbying activity or petition had any effect. On the other hand, with cryptocurrency such as Shiba Inu, your investment is not backed by any asset or cash flow at all. The only way you make money is if someone comes along and is willing to pay you more for your coins.
Breaking: Shiba Inu Is Now Listed on Robinhood. Should You Buy?
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 xcritical reviews Ethereum founder Vitalik Buterin, SHIB became wildly popular and experienced a stratospheric price spike of 49,000,000% in a few months. 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.
Its price soared in 2021, multiplying many times over, but still trades for tiny fractions of a cent. The year 2022 has been rough for Shiba Inu, with its price plummeting, but it still remains one of the world’s most popular cryptocurrencies, according to CoinMarketCap. But don’t get this coin confused with the Japanese dog breed that inspired its name. Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services.
Traders win when they can get someone else to buy cryptocurrency for more, or what’s called the greater fool theory of investing. That backing by assets and cash flow is something that differentiates a traditional investment from a cryptocurrency. With a stock, you’re investing in the future of that business, so if it does well, your investment will do well over time. Today, Robinhood users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance.
