The SHIB token rose in value by up to its two-month high of 35 percent soon after Robinhood listed it.
Robinhood adds support for Shiba Inu, Polygon, Solana, and Compound
Photo Credit: Twitter/ Robinhood
Shiba Inu, after having had a rough couples of weeks, rose in value again after Robinhood added the meme coin on its crypto listing. The US-based stocks and crypto trading app listed SHIB along with three new cryptocurrencies — Compound (COMP), Polygon (MATIC), and Solana (SOL). Within hours of this development, the SHIB token rose in value by up to 35 percent on crypto exchanges. This made for Shiba Inu's two month high before it backtracked a bit due to the overall market movement.
Robinhood has previously registered a positive user interaction with another meme coin, Dogecoin. In 2018, when DOGE was listed on Robinhood, the meme coin alone accounted for over 30 percent of its crypto trading revenue.
“We're excited to add more choices for our customers. We have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform,” Steve Quirk, Chief Brokerage Officer at Robinhood said in a statement.
Shiba Inu's official Twitter handle shared the development with its three million followers.
SHIB was made by an anonymous creator ‘Ryoshi' in August 2020, and was marketed as a Dogecoin killer.
The total market cap of SHIB is over $14.75 billion (roughly Rs. 1 trillion) and each token is currently trading at $0.000028 (roughly Rs. 0.002106) as per Gadgets 360's crypto price tracker.
The altcoin opened trading on Wednesday, April 13 with a big profit of over 18 percent.
The much-anticipated launch of Shiba Inu's metaverse can also be a notable contributory factor in its overnight value spike.
Shiba Inu creators have begun teasing community members with some details on ‘SHIB: The Metaverse', that is expected to launch anytime soon. A total of 100,595 virtual land plots will be put up for sale in this metaverse.
The cryptocurrency was also listed on the crypto ATM machines run by the Bitcoin of America earlier in April.
Meanwhile, Polygon and Solana manage to see regular gains.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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