Robinhood Adds Shiba Inu to Crypto Listing, Meme Coin Registers Significant Growth After Weeks

The SHIB token rose in value by up to its two-month high of 35 percent soon after Robinhood listed it.

By Radhika Parashar | Updated: 13 April 2022 13:23 IST

Robinhood Adds Shiba Inu to Crypto Listing, Meme Coin Registers Significant Growth After Weeks

Photo Credit: Twitter/ Robinhood

Robinhood adds support for Shiba Inu, Polygon, Solana, and Compound

Highlights

SHIB opened trading with 18 percent profit on Wednesday, April 13
Robinhood continues expanding crypto offerings for traders
Polygon, Solana, Compound also added to Robinhood’s listing

Shiba Inu, after having had a rough couples of weeks, rose in value again after Robinhood added the meme coin on its crypto listing. The US-based stocks and crypto trading app listed SHIB along with three new cryptocurrencies — Compound (COMP), Polygon (MATIC), and Solana (SOL). Within hours of this development, the SHIB token rose in value by up to 35 percent on crypto exchanges. This made for Shiba Inu's two month high before it backtracked a bit due to the overall market movement.

Robinhood has previously registered a positive user interaction with another meme coin, Dogecoin. In 2018, when DOGE was listed on Robinhood, the meme coin alone accounted for over 30 percent of its crypto trading revenue.

“We're excited to add more choices for our customers. 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 said in a statement.

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Shiba Inu's official Twitter handle shared the development with its three million followers.

Woof! Shiba Inu $SHIB now listed on @RobinhoodApp. https://t.co/brxIOxy1oC
— Shib (@Shibtoken) April 12, 2022

SHIB was made by an anonymous creator ‘Ryoshi' in August 2020, and was marketed as a Dogecoin killer.

The total market cap of SHIB is over $14.75 billion (roughly Rs. 1 trillion) and each token is currently trading at $0.000028 (roughly Rs. 0.002106) as per Gadgets 360's crypto price tracker.

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The altcoin opened trading on Wednesday, April 13 with a big profit of over 18 percent.

The much-anticipated launch of Shiba Inu's metaverse can also be a notable contributory factor in its overnight value spike.

Shiba Inu creators have begun teasing community members with some details on ‘SHIB: The Metaverse', that is expected to launch anytime soon. A total of 100,595 virtual land plots will be put up for sale in this metaverse.

Woof day #ShibArmy,

:bow_and_arrow: Shiba Inu $SHIB lists in @RobinhoodApp

:national_park: SHIB : The Metaverse Launches today! (In a few hours)

:dog2: Introducing New Utility for $SHIB in SHIB - The Metaverse pic.twitter.com/OBA6LkpVhe
— Shib (@Shibtoken) April 12, 2022

The cryptocurrency was also listed on the crypto ATM machines run by the Bitcoin of America earlier in April.

Meanwhile, Polygon and Solana manage to see regular gains.

Why are they still making more Harry Potter? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Robinhood, Crypto Exchange, Shiba Inu, SHIB

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More