Now that Robbinhod listed Shiba Inu, What Does This Mean for Shibacoin?
Robinhood has finally listed Shiba Inu after Coinbase, Binance, OKEx, and other major crypto exchanges (45+) made the giant stride to list the meme token. The much-anticipated listing came after 500K people signed the trendy petition on change.org requesting Robinhood to list the Shiba Inu coin. Robinhood’s being the first traditional brokerage to list Shiba Inu is a welcome development and has great and untold implications for the crypto world, as you’ll find out.
An Open Door to Millions of Shiba Investors and Traders All Over the World
Founded in April 2013, Robinhood has grown into a popular commission-free stock investment and trading app. Although it officially launched in 2015, Its users began growing steadily from 2014. We’re looking at a user base of 22.5 million as of September 2021 and a transaction and total net revenue of $565 million at the end of 2020’s second quarter.
According to Christine Brown, Robinhood’s head of crypto operations, in the first quarter of 20121 alone, 9.5 million people traded crypto on the Robinhood platform. That’s a mouthwatering 1.7 million extra customers compared to those who traded in 2020’s fourth quarter. Brown says the company’s idea behind Robinhood Crypto was to create a platform for its users to buy and sell crypto in addition to many other assets on Robinhood Financial.
Considering the massive user base on Robinhood, it’s evident that droves of crypto investors and traders can now access Shiba Inu on the platform. What makes it more exciting is that Robinhood offers commission-free trading. In other words, you can buy and sell crypto on Robinhood Crypto without paying any fees to the platform, unlike most other crypto exchanges.
In the same vein, the implications of Shiba Inu’s listing on Robinhood are huge for the Gen Zs and millennials! Robinhood is the most used investing app among these young people, with 37% of Gen Zs and millennials using it, according to a Motley Fool survey. This means that a greater population of younger people will begin trading Shiba Inu on Robinhood.
Robinhood Crypto currently features seven tradable crypto coins, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Ethereum Classic, Dogecoin, and Bitcoin SV. Shiba Inu’s listing on Robinhood means that it’s the 8th tradable cryptocurrency on the platform.
Shiba’s Eherscan data shows that the top 100 investors hold over 82% of the 1 quadrillion SHIB supply. Recall that 50% of the SHIB’s circulating supply was sent to Ethereum’s Vitaly Buterin, representing 400+ trilion Shiba tokens.
Although Buterin burnt 90% of his SHIB and donated the remaining 10% to the India COVID-Crypto Relief Fund, many other token whales hold huge amounts of Shiba Inu, which may create a level of scarcity in the long run even as we follow the Shiba Inu path to $1. And a matter of fact, Shiba Inu is making untold waves on social media, which has seen crypto newbies doing all they can to invest in the epoch-making token.
Interestingly, the Shiba ecosystem aims for the moon with over 1M members of the SHIBArmy– a whopping 328K members in its Reddit platform where Shiba Inu fans have fun talking about SHIBA, investing, and trading it. There are also over 42.2K subscribers on the Shiba Telegram channel, and it boasts 1.4M followers on Twitter.
Shiba Inu is beefing up its ecosystem with daredevil speed aside from being the second-largest dog-themed coin and the 11th largest cryptocurrency by market cap. We are to expect the launch of its blockchain, Shibarium, anytime soon. Shibarium looks to cut down transaction fees as much as possible on the Shiba network, which will in turn spike interest, activity, and hopefully add a large chip to the coin’s value.
Shiba Inu has been the talk of the crypto world, especially after it recently hit over 400%. Owing to the massive attention it has garnered and its plausible increase in value in such a short while, the average crypto enthusiast has bought SHIB or is thinking about investing. And we believe it’s going to be a fun ride henceforth! Finally, its listing on Robinhood is an answered prayer to many SHIB enthusiasts, especially those who signed the petition on Change.com.