The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) surged after rumors about a potential listing on the commission-free trading platform Robinhood (NASDAQ: HOOD) started circulating on social media.
As first reported by CoinDesk, Shiba Inu’s price reached a high of $0.00003 during the early Asian hours ahead of a sell-off that saw traders lose most of their intraday gains. Despite an ongoing downturn, SHIB is still the thirteenth-largest cryptocurrency by market capitalization, valued at $17.66 billion.
The meme-inspired cryptocurrency’s price surged after business news account ZeroHedge, with over 1 million followers, said SHIB was going to be listed on Robinhood “as early as February.”
While some users reacted with excitement, others preferred to wait for an official announcement from the company. As CryptoGlobe has been reporting, the Shiba Inu community has created a petition titled “Kindly request of Robinhood to list Shiba Inu coin” that has gathered over 555,000 signatures.
In mid-October, the petition had around 240,000 signatures. It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. As CryptoGlobe reported, Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
Robinhood’s CEO, Vlad Tenev, has previously denied plans to list SHIB as he noted it “goes back to security first” and the exchange is “not generally going to be the first to add any new asset” as it wants to make sure “that it goes through a stringent set of criteria.” Notably, leading cryptocurrency exchanges like Binance and Coinbase have already listed SHIB.
In November, the platform’s COO Christine Brown has praised the meme-inspired cryptocurrency’s community for expressing what it wants, but failed to detail whether SHIB will eventually be listed on Robinhood or not.
More recently, Shiba Inu landed in Mexico after getting listed on one of its most popular cryptocurrency trading platforms Bitso.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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