Robinhood задумалась о добавлении Shiba Inu
Согласно недавнему сообщению известного в Твиттере сторонника криптовалюты Shiba Inu (SHIB) @ShibalnuNews, команда приложения Robinhood оценивает возможность добавления «Dogecoin killer» в список торговых активов.
Пользователь Твиттере поделился скрином опроса, который поступил ему по электронной почте. На нём хорошо видно, что Robinhood изучает рыночные предпочтения своих клиентов в отношении криптовалют, считает @ShibalnuNews.
Клиентов спросила, покупали ли они какую-либо криптовалюту из списка за последние три месяца. В него входили Solana, Cardano, XRP, Dogecoin и Shiba Inu.
Сообщество Shiba Inu надеется, что в ближайшее время Robinhood добавит поддержку торговли SHIB, что, вероятно, повысит её цену как минимум до $ 0,01.
На этой неделе HCN сообщал, что монета-мем была добавлена в листинг конкурента Robinhood Public. До этого SHIB стала доступна на старейшей криптобирже Индии ZebPay и крупнейшей биржи в Турции BtcTurk.
Между тем петиция на Change.org, призывающая Robinhood добавить в листинг Shiba Inu, набрала свыше 285 000 голосов.
Could the Robinhood Listing Launch Shiba Inu to $0.0001?
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Don’t count on Robinhood’s listing of Shiba Inu to provide long-term gains.
It finally happened. After a lengthy wait, Robinhood (HOOD -2.00% ) announced last week the addition of Shiba Inu (SHIB 4.14% ) to its popular trading platform. Three other popular cryptocurrencies — Solana, Compound, and Polygon — can also now be bought and sold on Robinhood.
Unsurprisingly, Shiba Inu soared on the news. Its price rose as much as 34% at one point before giving up some of the gains. Could the Robinhood listing even launch Shiba Inu to $0.001?
Image source: Getty Images.
Case studies
One potential way to determine how high Shiba Inu could go is to examine how other cryptocurrencies have fared after being listed on Robinhood. For example, the trading platform rolled out support for Bitcoin (BTC 4.26% ) and Ethereum (ETH 2.92% ) on Jan. 25, 2018, in select markets.
Shiba Inu fans won’t find much to like with these historical precedents, though. After a relatively small bounce, both Bitcoin and Ethereum proceeded to sink over the next couple of months following their listings on Robinhood.
However, there’s a much better case study to use. Robinhood began supporting Dogecoin (DOGE 5.25% ) on July 16, 2018. Shiba Inu has a lot more in common with Dogecoin than it does with Bitcoin or Ethereum. Within a matter of days of its Robinhood listing, Dogecoin jumped nearly 40%.
Dogecoin went on to nearly double over the next couple of months. The bad news, though, is that this gain proved to be relatively short-lived. By the end of the year, Dogecoin was in negative territory.
Also, it’s hard to argue that Dogecoin’s big gain in late August and early September of 2018 was due to the altcoin being listed on Robinhood. Dogecoin’s price actually fell 30% below its level before the Robinhood listing before it surged.
Similar storylines
The storylines for Dogecoin and Shiba Inu leading up to their respective listings on Robinhood are quite similar. Dogecoin had skyrocketed 3,700% in the year before its inclusion on the trading platform.
But the digital token hit a rough patch in 2018. By the time Robinhood listed Dogecoin, the cryptocurrency’s price had plunged 80% from its high.
Likewise, Shiba Inu delivered a spectacular performance in 2021. The meme coin vaulted more than 74,000,000% higher at one point the year before its Robinhood listing. However, Shiba Inu’s price was down around 75% from that peak when Robinhood announced support for the token last week.
This doesn’t necessarily mean, though, that Shiba Inu is destined to repeat the trajectory of Dogecoin. There certainly are different dynamics at play in the cryptocurrency market now than there were three years ago.
It’s a long way to three zeros
Still, it’s a long way to three zeros for Shiba Inu from its current price. The token would need to soar roughly 3,900% to get to $0.0001.
Perhaps the listing on Robinhood will unleash tremendous demand for Shiba Inu that pushes its price much higher. However, this scenario requires a stretch of the imagination. After all, Robinhood listings for other cryptocurrencies haven’t proven to be longer-term catalysts.
Remember too that investors who use Robinhood have had other avenues to purchase Shiba Inu for a while now. Sure, the ability to trade the token on the same platform that they use for stocks and other cryptocurrencies adds a level of convenience. But it’s hard to envision that the Robinhood listing will enable Shiba Inu to reach $0.0001 by itself.
The last two words in the previous sentence are important, though. There are other catalysts on the way that combined could allow Shiba Inu to generate monster returns this year. But just as Shiba Inu investors had to wait for the Robinhood listing, they’ll also have to wait on these other developments.
Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns and recommends Bitcoin, Compound, Ethereum, and Solana. The Motley Fool has a disclosure policy.
Why Robinhood Isn’t Listing SHIBA INU Any Time Soon
«We think that the short-term gain we might get is not worth the long-term trade off for our users,» the company’s chief operating officer says.
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Robinhood users may face a long wait before SHIBA INU is listed, the company’s chief operating officer has suggested.
Christine Brown suggested that the trading platform is adopting a different approach to Coinbase, which has said its goal «is to list *every* asset where it is legal to do so.»
More than 525,000 people have signed a petition that urges Robinhood to list SHIB. But speaking during a live event held by Decrypt and Yahoo! Finance, Brown said:
«Our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now. We think that the short-term gain we might get is not worth the long-term trade off for our users.»
And stressing that the company has adopted a «safety first» approach, the executive added Robinhood aims to assess everything from a regulatory perspective, too.
But striking a positive note about SHIBA INU, Brown told the Crypto Goes Mainstream conference:
«One of my favorite things is seeing the community around these coins really engage with us and let us know what they want.»
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What This Means
It’s a bit unusual that Dogecoin somehow fits Robinhood’s criteria, but SHIBA INU doesn’t.
And while SHIB is in danger of retracing sharply after October’s bull run — following in the pawprints of DOGE, which plunged 66% after hitting an all-time high of $0.73 in May — this approach also means that the trading app may be shooting itself in the foot.
The mania surrounding Dogecoin had vastly enriched Robinhood’s financials. In the second quarter of 2021, the joke coin accounted for 62% of the company’s crypto-related revenues.
Robinhood went on to warn that its business could be hurt «if the markets for Dogecoin deteriorate or if the price of Dogecoin declines.»
This warning ended up being particularly prescient. Painful results for the third quarter of 2021 exposed a 78% plunge in crypto revenues, and this was directly linked to a reversal in DOGE’s fortunes.
But Robinhood’s reticence to list SHIBA INU, like Coinbase, means that it’s potentially missed out on millions of dollars in revenue — all while prompting its customers to take their business elsewhere.
In other developments, Brown revealed that 1.6 million people are now on the waiting list for Robinhood’s crypto wallet. It’s due to be launched early next year.
Shiba Inu (SHIB) Finally Listed by Robinhood Together with Other Altcoins
Meme cryptocurrency Shiba Inu appears to have been listed by commission-free investing app Robinhood, according to a listing bot. The meme coin now shows up on the official website, even though the company is yet to officially announce the new addition to its line-up.
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The price of the SHIB token is up 8.3% on the news, outperforming the rest of the major coins amid lethargic market action. It is currently trading at $0.00002479 on the Binance exchange.
Shiba Inu has been listed alongside Solana (SOL), Polygon (MATIC) and Compound (COMP), bringing the total number of available cryptocurrencies to 11.
The canine token had been the most-requested cryptocurrency among Robinhood users. A Change.org petition to list the whimsical cryptocurrency has reached 559,661 signatures.
Terra, Dogecoin, Cardano Log Double-Digit Losses as Ethereum Slips Below $3,000
Robinhood CEO Vladimir Tenev and other high-profile executives have repeatedly dodged the burning question about whether or not Shiba Inu should be listed on the platform, fueling speculation within the community. In November, Christine Brown, the chief operating officer of the company’s crypto division, made it clear that the company preferred quality over quantity, seemingly taking a dig at crypto-native competitors with less conservative listing policies.
Robinhood launched support for crypto trading in early 2018, originally adding support for Bitcoin and Ethereum. It later also added Litecoin, Ethereum Classic, Bitcoin Cash and Dogecoin to the mix during the same year. Despite the fact that the crypto market has evolved by leaps and bounds since 2018, the company had abstained from listing new coins until now.
The commission-free trading app boasts 17.3 million active users after becoming the go-to trading app choice for young millennials. Yet, its shares are down more than 86% from the August 2021 high. It witnessed a fall from grace in the third quarter of 2021 due to rapidly declining trading activity.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.