Will Shiba Inu Coin Be Listed on Robinhood? A Walkthrough of Recent Updates
Every crypto investor wishes to have a platform full of coins and doesn't cast too much for crypto trading. If you are interested in investing in SHIB tokens, you can easily find them on many major cryptocurrency exchange platforms like Binance, Huobi, Uniswap, etc. However, it's the priority of crypto enthusiasts to choose a platform which low costs involved in all transactions.
In this case, the Robinhood platform can be the best choice if it starts offering Shiba Inu. Till now, Robinhood didn't accept this new cryptocurrency even after massive support. It's a hot topic these days whether SHIB will be listed on Robinhood or not.
This article provided a comprehensive answer to this query based on the recent updates. Let's get into it!
What is Shiba Inu (SHIB)?
The Shiba Inu, a Japanese breed of hunting dog that acts as the mascot, is an Ethereum-based cryptocurrency. Dogecoin's killer, Shiba Inu, is widely regarded as a viable alternative; in fact, Shiba Inu enthusiasts call it "the Dogecoin killer." Shiba Inu and Dogecoin, both based on the Shiba Inu dog as a mascot, are examples of meme coins, which are cryptocurrencies established as a parody or inside joke rather than as a digital product with any real use behind it.
Meme currencies include the Shiba Inu and Dogecoin, to name just two. It was established in August 2020 by an anonymous individual or group known as Ryoshi, contrasted to Dogecoin, originally presented in December 2013. At its highest market value of $41 billion in October 2021, Shiba Inu's price soared more than tenfold. The outcome was in the top ten most popular meme cryptocurrency rankings.
On October 3, 2021, Elon Musk tweeted a picture of his new Shiba Inu puppy, Floki, which sparked the price of the meme currency, according to CoinMarketCap. The current fluctuation in Dogecoin's price is due to Musk's enigmatic statements. The self-proclaimed "Dogefather" is one of the most famous promoters of Dogecoin.
Shiba Inu's price surged in October 2021, almost overtaking Dogecoin's market capitalization of $36.7 billion, which it briefly overtook at one point in the year. Whether Shiba Inu can live up to the SHIBArmy's aspirations and become "the Dogecoin killer" is yet to be seen. It was at least Shiba Inu's tail that wags the Dog in October 2021, owing to the soaring price of this previously unknown cryptocurrency.
|Price Change in 24h||$0.00000109|
|24h Low / 24h High||$0.00002502/$0.00002745|
|Fully Diluted Market Cap||$15,575,724,643.82|
|All Time Low||$0.000000000082|
|Shiba Inu ROI||1636430.73%|
|Circulating Supply||549,063,278,876,302 SHIB|
Which Platforms Offers SHIB Trading?
An initial decentralized exchange for beginners is called ShibaSwap, where SHIB tokens may be traded for other cryptocurrencies like Bitcoin and Ethereum. Additionally, two new ERC-20 tokens, BONE and LEASH, have been added to the mix, which serves a range of purposes, including governance and acting as a store of value for its owners. Meme coins like SHIB are widely available on most large cryptocurrency trading platforms. The following are a few examples:
What Is Robinhood and How It Works?
A free investment platform was launched by Robinhood in April 2013 and was the first of its kind at the time. They created the term "Robinhood Effect" because of their considerable impact on the investment industry. Robinhood's launch of fee-free trading altered the landscape of the brokerage industry.
Because of this, several other brokers, including industry giants like Charles Schwab, have followed suit. Robinhood has transformed the brokerage industry. Many new investors have been drawn in because of their focus on delivering an easy-to-use platform. This is not a coincidence since the Robinhood app is targeted towards people in this age group.
All of these instruments may be traded with Robinhood without incurring any commission expenses that you would otherwise be required to pay. Regulatory fees and ETF expense ratios are the only costs you'll have to deal with. Signing up for Robinhood Gold membership gives you access to more services.
Additional capabilities are available to those that upgrade to this account, which we'll go over in further detail below. This company has grown to be one of the biggest broker-dealers in the internet investing industry is not a surprise. And it doesn't seem like they'll be slowing down any time soon. The best part is that you receive a free stock when you sign up for an account with them! Then you may earn free shares by referring friends and family to us.
Why Is Robinhood Important For SHIB?
In recent months, Shiba's dedicated fan base, known as the SHIBARMY, has projected the probable addition to Robinhood as a "win-win" situation. SHIB has recovered significantly from its all-time high of $0.000088, set on October 28, 2021, amid the crypto and larger market collapse.
A Robinhood listing might assist the meme cryptocurrency in breaking out of its sluggish period, as it would enhance the availability and demand for the token, hence increasing its price. According to the most recent Robinhood data, the company has around 17.3 million users as of December 2021. Shiba Inu was trading up 5.98 percent at $0.000021 at the time of writing.
How Robinhood Will Prove to Be a Game Changer For SHIB?
Earlier this week, the Shiba Inu cryptocurrency saw a sharp drop after rumors that online trading company Robinhood could include the joke coin onto its platform. At the time of writing, Shiba Inu was down 1.29 percent to $0.000037.
Adding additional cryptocurrency currencies to Robinhood's trading platform would represent a significant shift from the company's position earlier this month, when Christine Brown, the chief operating officer of Robinhood Crypto, said that the company was not in haste to do so.
Aside from the price increase of SHIB, there are other additional advantages of using Robinhood that consumers may take advantage of. The following are the most significant:
1. No investment minimums
Investors with a small amount of money may register a Robinhood account and avoid paying transaction fees. Because Robinhood does not have a minimum balance restriction, you may begin investing in your account immediately after opening it.
2. Ability to acquire cryptocurrencies
Not all brokerages allow you to purchase cryptocurrencies, and although investing in cryptocurrency is a dangerous proposition, you may want to have the opportunity to do so. You would purchase digital currencies via Robinhood if you chose to go that way.
3. Capacity to purchase fractional shares of stock
Depending on the company, some stocks are worth hundreds or even thousands of dollars a share. Even if you don't have a lot of money, you may still own a piece of those firms using the Robinhood platform.
This is because Robinhood enables you to acquire fractional shares, which allows you to purchase a part of a share of stock if you cannot purchase a whole share at the time. A fractional investment makes it simpler to develop a broad portfolio, and it also ensures that a lack of finances will not prevent you from owning a portion of the firms you wish to invest in.
4. Free withdrawals from ATMs
The money in your Robinhood account may be more readily available to you than you realize. You may withdraw money from your Robinhood account at no cost from any of the more than 75,000 ATMs in the company's network.
5. Possibility of trading on margin at a cheap cost
Margin trading will be available if you upgrade your Robinhood account to a premium account for $5 per month. That is another way of expressing that you may borrow money for trading purposes. If you're an experienced investor, this is a positive development. However, there are hazards associated with trading on margin, so you'll need to exercise caution if you want to take advantage of this tool.
6. Dividend reinvestment on an automatic basis
Certain corporations make dividend payments to their shareholders in cash distributions. When you are entitled to dividends, you have the option to receive the money and use it as you see fit. On the other hand, Robinhood allows you to set up your account so that your dividends are automatically reinvested back into the company from which they were received, enabling you to increase your portfolio.
7. Investments that are made regularly
In the same way that you'll frequently hear that automating your saves may help you develop your wealth, you'll also hear that putting your investments on autopilot can help you remain on pace to reach your financial objectives. You will be able to set up regular investments with Robinhood.
If you want to automatically purchase $50 worth of a certain stock every week, you may do it without having to think about it at all. You have a wide range of alternatives to pick from if you want to create a brokerage account for the first time. However, Robinhood is an excellent place to put your money to work because of these characteristics.
Why Has SHIB Not Been Listed on Robinhood Yet?
A lot of pressure has been put on Robinhood to include Shiba Inu in its list of trading instruments, but the business has yet to decide on the matter. There may be a real cause for the trading app's inactivity at this time, according to a recent study.
On Thursday night, Robinhood's earnings call, the subject of "When Shiba" was unavoidable. In a Q&A session with Irvin Sha, Head of Investor Relations and Capital Markets, Vlad Tenev, co-founder and CEO of the trading app, addressed this common problem. He answered the question in a convoluted manner.
Among Sha's questions was if Robinhood plans to introduce more cryptocurrencies to its cryptocurrency trading platform and whether the Shiba Inu will be included in the trading platform's pet section. Tenev responded that they'd had a lot of feedback from people who have used their products.
During the call, Tenev stated, 'we realize that they want other cryptocurrencies on the platform.' "We've interacted with authorities pretty vigorously," Tenev continued.
- Adding many coins is a major issue since many of them may be unregistered securities. The trading software hopes to evade an SEC investigation by excluding bitcoin from its platform.
- Since 2013, the SEC has accused Ripple's Executive Chairman and CEO of illegally gaining money by selling XRP, unregistered security.
- Robinhood may wait for more clarity on the regulatory front before introducing a slew of cryptocurrencies without contacting the SEC.
What Was the Effect of Petition for Listing on Robinhood?
An online petition on Change.org, pushing Robinhood, a cryptocurrency trading platform, to provide Shiba Inu, resulted in the currency's record-breaking high price. When writing was written, Tristan Luke had started a petition with the headline "Kindly request of Robinhood to list Shiba Inu coin!" It had garnered 3,80,000 signatures. According to the petition, Shiba Inu is "a similar meme coin with genuine potential." Similarities may be drawn between this and Dogecoin, given both are based on memes.
Will Robinhood Accept SHIB In Near Future?
Shiba Inu (SHIB), a Dogecoin-inspired decentralized cryptocurrency, is gaining a huge surge of investor interest today after reports that it would be listed on the famous retail trading platform Robinhood.
Keep in mind that the brokerage platform continues to be a popular choice for individual investors seeking exposure to well-known bitcoin businesses. When it came time for Dogecoin to be listed on the well-known brokerage platform the year before, it had already seen a comparable upsurge in popularity.
Christine Brown, COO of Robinhood, had, of course, shattered the high expectations surrounding the Shiba Inu's listing back in November. Coin rival Coinbase was taking a more selective approach than the company. Brown added:
"I also think that 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."
It does seem that Robinhood's leadership has shifted its position on the Shiba Inu in light of the recent flurry of claims.
Previously, GameStop said that it would begin accepting Shiba Inu soon. Because of this, Tesla may probably begin to accept payments using the term "SHIBA" in its payment processing system soon. A strategic partnership between Shiba Inu Firm and PlaySide, the video game company behind hit titles like Age of Darkness and Jumanji Epic Run, has been established.
The arrangement conditions do not include a revenue-sharing agreement with Shiba Inu Games, a new subsidiary inside the Shiba Inu initiative. As soon as the game is created and tested, Shibarium, the project's native blockchain, will offer the Shiba Inu developers a license to use it on the SHIB token-powered Shibarium platform.
Recall that the Shiba Inu NFT is known as Shiboshi, which alludes to the 10,000 unique specimens. Other hires include former PlaySide vice president of technology, William David Volk, who has extensive expertise as a game designer.
Effect Of Elon Musk Tweet About Shiba Inu
Shiba Inu is on the verge of having another decimal point taken from its value, despite Elon Musk's recent rejection of the breed. On the technical side, the statement was more of an explanation from the CEO of SpaceX, who is maybe the most important person in the cryptocurrency community.
People believed that Musk, a Shiba Inu dog called Floki, would be involved in the meme coin's development just because he owns a dog of the same breed. It was only inevitable, given that it was Musk who propelled Dogecoin to the heights at which it now stands. On the other hand, Musk denied investing in SHIB, stating that he had a stronger belief in Dogecoin.
Is Robinhood adding more cryptocurrency?
Yes, according to the CEO of Robinhood, the platform is looking forward to adding more crypto tokens to trade and other utilities. However, they will ensure that the coin is completely stable and backed with proper paperwork.
How safe is your cryptocurrency on Robinhood?
For most asset storage, Robinhood uses cold wallets to ensure ultimate security. Although there are some amounts in hot wallets, it is also completely safe.
What is the biggest advantage of SHIB listing on Robinhood?
The best thing about Robinhood is no commission on trading, and you can save a lot of money compared to other platforms.
In the final words, we must mention that there are a lot of rumors about the listing of SHIB on Robinhood. However, it's clear from the statements of the platform officials that they are not looking forward to adding this cryptocurrency. Although there are many advantages of trading cryptocurrency on Robinhood, and the Shiba Inu token is performing best, there is no light of hope. Investors still have to rely on other platforms for trading SHIB.