Meme cryptocurrency Shiba Inu (CRYPTO: SHIB) has a loyal following, which doesn’t suppose twice about springing to help the dog-themed meme foreign money. The unwavering help, growing use instances and wider mainstream acceptance and adoption has led SHIB to leapfrog previous its extra illustrious meme peer Dogecoin (CRYPTO: DOGE) by way of valuation at one level and earn the moniker “The Doge killer.”
Publish-October Blues: After hitting an all-time excessive of $0.000078 on Oct. 30, culminating a month of robust positive factors, SHIB has retreated. At the same time as Bitcoin (CRYPTO: BTC) broke above its earlier highs in early November, SHIB continued to slide, breaking beneath one help after one other. On Saturday, the meme foreign money plunged to $0.000030, its lowest stage since Oct. 23.
Neither SHIB’s purported foray into the metaverse and gaming nor the corporate’s itemizing on the Kraken change final week led to a reversal in fortunes. Market-wide pessimism following the invention of the Omicron variant of the COVID-19 virus didn’t assist issues any additional.
Can Robinhood Assist? One huge catalyst that may push the foreign money greater is being listed on buying and selling app Robinhood Markets, Inc. (NASDAQ:HOOD). Shiba Inu backers have posted a petition on Change.org to garner help for itemizing the meme foreign money on the buying and selling app. The petition has now been signed by 543,035 individuals.
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SHIB supporters proceed to place stress by tweeting help for a Robinhood itemizing. One of many supporters said, with over a million holders, the meme foreign money deserves a spot.
Shiba Inu’s venture lead Shytoshi Kusama retweeted a tweet that identified that with Kraken going forward, will Robinhood listing it earlier than the top of 2021?
One other SHIB supporter even attributed the steep drop in Robinhood’s share value since its August highs to the buying and selling app not itemizing Shiba Inu.
Robinhood for its half has remained non-committal. It presently permits the buying and selling of seven cryptos – three from Bitcoin household, specifically Bitcoin, Bitcoin Money (CRYPTO: BCH) and Bitcoin SV (CRYPTO: BSV), two from the Ethereum household, specifically Ethereum (CRYPTO: ETH), Ethereum Basic (CRYPTO: ETC) and two altcoins, specifically Dogecoin and Litecoin (CRYPTO: LTC). The buying and selling app appears to be in no hurry to listing Shiba Inu.
“I additionally suppose that our technique is a little bit bit completely different than lots of the opposite gamers on the market who’re simply racing to listing as many belongings as attainable proper now,” Christine Brown, COO of Robinhood Crypto stated in an interview in early November. “We predict that the short-term acquire we would get will not be definitely worth the long-term commerce off for our customers.”
If Robinhood goes forward with itemizing Shiba Inu, it’s seen as win-win proposition. For the buying and selling app, it may imply elevated buying and selling quantity, and SHIB stands to profit from elevated publicity, which in flip can enhance its adoption additional.
Eventually examine, Shiba Inu was down 5.87% at $0.00003795.
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