After months of lobbying and 559.701 signatures, popular canine-themed cryptocurrency Shiba Inu (quotation SHIB) has been listed on the Robinhood mobile trading application along with three other top-100 cryptocurrencies. Robinhood leaked the news on its official Twitter channel.
The Shiba Inu token rose as much as 31% in the early hours of the news and has since settled at a respectable 19,65% intraday at the time of writing, according to CoinMarketCap. The other three new cryptocurrencies listed on Robinhood rose to single digits after the news, respectively: Solana was up 4,64%, Polygon by 5,18% and Compound by 7,56%.
The Shiba keepers had pushed for it to be listed on Robinhood
SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin. Last year, amidst the public support of Ethereum founder Vitalik Buterin and Tesla CEO Elon Musk, SHIB went wildly popular and made a staggering 49.000.000% price pump in just a few months.
While the SHIB token was available on major exchanges such as Coinbase, Binance, Kucoin and others, it was not available on Robinhood. To help accelerate SHIB's listing on Robinhood, a petition was launched last summer to persuade Robinhood to adopt the token. As of today, the Change.org digital petition was still active and had 559.701 signatories - more than half of its 1 million goal. It is difficult to say whether the lobbying or petitioning had any effect.
The decision to list the four cryptocurrencies is more likely an effort by Robinhood to slow its recent fall in stocks.
Robinhood has had a tough few months
Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) hit an all-time high of $ 70,94 on August 4, 2021. Today it is trading at a steep 83% discount at $ 11,70 per share since. peak price in August. Interestingly, on the same day that Robinhood announced the launch of its digital wallet last week, allowing holders to move digital assets out of the trading app, a Goldman Sachs analyst downgraded Robinhood from Neutral to Sell. cutting its price target for HOOD to $ 13 per share - about 66% lower than the company's initial public offering price.
“Waning retail engagement, particularly among Robinhood's low-end consumer customer base, could represent further headwinds [negative pressure]. While the company has been trading a much better economy on cryptocurrency trading, we see the decline in cryptocurrency volumes of the broader industry amply offsetting this tailwind [positive momentum], ”according to the Goldman analyst's note.
According to Yahoo! Finance At press time, Robinhood's stock was up 2,11% while the broader S&P 550 was up just 0,11%. So it looks like this news has helped slow HOOD's slide for now.
Is Shiba Inu to buy?
At the time of writing, CoinMarketCap shows that SHIB is priced at $ 0,00002671, which is actually lower than its price of $ 0,00002745 on March 31 when it announced the launch of its metaverse. Frankly, this is very surprising especially when you consider the extremely positive news cycle that Shiba Inu has enjoyed in the past few weeks.
The launch of one's own metaverse; the consequent sale of virtual land through its meta portal; the news that the country of Turkey was exploring SHIB as a possible alternative currency; the pending launch of its own stablecoin called SHI; plans for a major gaming innovation for its virtual world; as well as the Robinhood listing have all been great announcements that have occurred during the past 21 days.
Yet none of these announcements have been able to sustain their respective earnings or build on each other's earnings. This is not a good sign.
An even worse sign is that Shiba Inu has officially lost more than 70.000 token holders in the past month - dropping from a peak of 1.199.453 SHIB holders on March 15, 2022 to 1.128.221 as of yesterday, according to CoinMarketCap.com. . I would keep an eye on this important metric to wait and see if the SHIBA team can reverse the friction of its owners, because if Shiba Inu cannot maintain and grow its user base - then all the news in the world will not matter. .