13 Apr 2022 Jane Whitmoore
Robinhood Lists Shiba Inu (SHIB); The Memecoin Price Rallies
One of the hottest memecoin projects to date, Shiba Inu, made a sudden bull run after the year-long effort of SHIB’s community to list the token on Robinhood finally came to a success.
Timeline of Robinhood’s decision to list SHIB
Exactly 13 months after the sudden decision of Shiba Inu’s community to ask Robinhood for listing SHIB, without a great announcement, the memecoin is now live on the platform.
In May 2021 ShibArmy, a group of enthusiasts started the iconic Robinhood Shiba Inu petition, which gathered over 50,000 signatures in just ten days. However, the campaign spawned a wave of fake emails from Robinhood, which noted that SHIB’s listing would happen on May 28, 2021.
In June Coinbase Pro added support for SHIB, which further sparked a pressure wave for Robinhood to accept SHIB, which also occurred when any other exchange has listed the token.
In September 2021 Coinbase’s main platform also added support for the memecoin, which repeated the fake emails/social media pressure mantra, while the petition gathered close to 500,000 signatures.
“They really engage with us and really let us know what they want.” Robinhood’s Crypto Chief Operating Officer (COO) Christine Brown noted but was unable to give details about any new listings during a conference in November 2021.
The ice began to crack at the end of 2021, when Shiba Inu supporter Ask The Doctor noted that the listing would come between March and April 2022, following the Robinhood cryptocurrency wallet launch, which is not far from the truth.
The listing
According to the now public announcement by Robinhood, crypto customers have consistently asked for two things - the ability to send and receive their tokens, and a broader selection of cryptocurrencies.
“As a safety-first company, 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 stated, adding that users can already buy and sell SHIB, alongside Solana (SOL), Polygon (MATIC), and Compound (COMP), while deposits and withdrawals would come soon.
Price explodes for SHIB, with no direct effect on other tokens
Immediately after the news, SHIB’s price skyrocketed, reaching a monthly high of $0.00002977 after a week of bearish momentum. The over 20% pump coincides with the much-awaited announcement of SHIB: The Metaverse, allowing early bidders access to a total of 36,431 plots of land during the introductory phase.
Source: TradingView
SHIB also got into the attention of two large Ethereum whales, identified as “Light” and “BomBur,” who added a total of around $9 million worth of SHIB to their holdings.
However, the rest of the Robinhood listings did not receive much of a boost, with Solana continuing to retract weekly to a current price point of $101.41 per SOL token.
Polygon, despite its desire to become carbon neutral in 2022 with its Green Manifesto framework, also fell victim to volatility and tumbled down to a current price of $1.39 per token.
Compound also fell down on the weekly charts, but the news managed to secure a zone over $125 per token, with a current price point of $130.16 per COMP token.
Cryptocurrency cryptocurrency news crypto news Crypto Price Robinhood Shiba Inu
