Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) soared to an all-time high of $70.94 on Aug. 4, 2021. Today it’s trading at a steep 83% discount at $11.70 per share from August peak price. According to a blog post from Robinhood, cryptocurrency customers have consistently requested a more extensive set of coins and tokens as well as the ability to send and receive cryptocurrencies outside of Robinhood. In the announcement, the company offered the four new currencies alongside access to a new cryptocurrency wallet feature to more than 2 million customers on a waitlist. Robinhood is a commission-free trading platform that offers stocks, exchange-traded funds (ETFs), options, and cryptocurrency investing and trading products.
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The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide. 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. It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges.
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. A self-custody cryptocurrency wallet, Robinhood Wallet, and related services are offered through Robinhood Non-Custodial, Ltd. (a limited company organized in the Cayman Islands). News of the additional offerings comes days after Robinhood made its crypto wallet available to 2 million waitlisted users, allowing them to more directly interact with cryptocurrencies. Members can use the wallet to buy NFTs, send crypto to other crypto traders with no withdrawal fees, but it can’t hold NFTs and is limited to cryptos that Robinhood trades. Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services.
His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. “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. 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. 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.
- “Fading retail engagement, particularly among Robinhood’s lower end consumer customer base, could represent further headwinds .
- 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.
- In the announcement, the company offered the four new currencies alongside access to a new cryptocurrency wallet feature to more than 2 million customers on a waitlist.
- Shiba Inu marketing lead LUCIE has chimed in on the Bitcoin bull run debate and when it is likely to begin in full force.
- 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.
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.
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. Shiba Inu marketing lead LUCIE has chimed in on the Bitcoin bull run debate and when it is likely to xcritical rezension begin in full force. Benzinga simplifies the market for smarter investingTrade confidently with insights and alerts from analyst ratings, free reports and breaking news that affec…
Shiba Inu, Solana soar as Robinhood expands its crypto offerings
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 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.
It was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in decentralized spontaneous community building. MATIC is the native token of Polygon (previously Matic Network), a decentralized Proof-of-Stake (PoS) blockchain, which operates as a sidechain to Ethereum and benefits from its security. Polygon claims to be able to process up to 65,000 transactions per second with network fees of a fraction of a cent.
Shiba Inu Price Live Data
Compound allows users to earn interest by depositing crypto into lending pools that can be accessed by borrowers. COMP is Compound’s Ethereum-based governance token, which enables holders and delegates to propose and vote on changes to the protocol. 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 xcritical rezension Change.org digital petition was still live and had 559,701 signatories — more than halfway to its target of 1 million.
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The listing of the trendy shiba inu coin could lead to a similar volume spike, but catering to client demands on crypto may come with its own set of risks. 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. This followed the adoption of SHIB by over xcritical reviews 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.
Finding Currencies Before They’re Added to Robinhood
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. 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.
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. Solana was founded in 2017 Anatoly Yakovenko and the SOL token launched in March 2020 by the Geneva-based Solana Foundation and San Francisco-based Solana Labs. SOL is the native token of Solana, a decentralized Proof-of-Stake blockchain built to enable scalable, user-friendly DApps. Shiba Inu (SHIB) is an Ethereum-based (ERC-20) token that is hosted on the Ethereum blockchain. 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.