One of the best performing tokens in the past 24 hours, Shiba (SHIB), has officially announced its joining the list of U.S.-based platform Robinhood. Although it was initially added to Robinhood in the summer of 2018, the listing was procrastinated due to the token’s volatility.
Shiba is a complementary meme coin to Dogecoin and does not have much utility considering the fact that it was created for merely no other purpose than a joke. It is the 15th biggest digital asset with a market cap of $14.6 billion, runs on Ethereum and apparently sprung out of nowhere in the first place. Just as any other meme coin built upon an internet joke or a popular meme by celebrities or other online communities, Shiba and its predecessor Dogecoin, are not to be spent anywhere but the top crypto exchanges like Coinbase, Gemini and Binance.
Shiba has faced a 25% surge in less than an hour due to its being put on the Robinhood list. The Shiba Inu price is currently $0.00002635 according to CoinMarketCap data. It has slightly cooled its increment but is still up 16% for the day. 3 other tokens were added to the list of Robinhood apace with Shiba, which has also raised in price but less than 5%. Solana (SOL) with 5%, Polygon (MATIC) with 8% and Compound (COPM) with 7% raise in price are Shiba’s counterparts. It’s announced on Twitter that the Robinhood company is giving away $100,000 worth of the new cryptocurrencies it has listed. Shiba’s target price is $0.001, but it is expected to rise more slowly according to DigitalCoin data.
Having 2 million waitlisted users, Robinhood’s chief brokerage officer, Steve Quirk, has announced that they are adding more choices to the list, allowing them to more directly adopt their cryptocurrencies. Despite the fact that Robinhood members can use the wallet to buy NFTs and send crypto to other crypto traders with no withdrawal fees, they can not hold NFTs and are limited to only Robinhood trades. Nonetheless, the platform allows users to buy and sell Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.