Blockchain News

Shiba Inu Rises 13% as Robinhood Petition Passes 300,000

Written by James Smith

Shiba Inu coin (SHIB) rose 13% up to now 24 hours following an uproar for Robinhood Markets Inc so as to add the token to its platform.

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The token has gained greater than 40 million p.c up to now yr, and a current petition on Change.org asking Robinhood to checklist Shiba Inu has now garnered greater than 326,000 signatures.

SHIB, a Dogecoin-inspired meme cryptocurrency, is presently the Eleventh-biggest crypto with a market worth of practically $24 billion.

SHIB’s all-time excessive following a worth surge of greater than 46% over the weekend has led to many believing that Robinhood ought to introduce the token in its platform.

Nonetheless, the crypto slumped earlier this week after Elon Musk tweeted that he didn’t personal the coin.

Some speculations state that an growing demand for Robinhood to checklist SHIB has led to a decline in its crypto buying and selling. However in line with the corporate’s final submitting, 64% of crypto income got here from Dogecoin.

Robinhood’s crypto buying and selling income has additionally been staggering. In a report, the corporate announced its crypto income totalled $233 million within the second quarter and $51 million within the third quarter, marking a 78% lower in comparison with the earlier quarter.

Crypto has change into extra important to Robinhood’s progress and the corporate is presently engaged on a pockets that might make it a one-stop-shop for retail merchants.

The corporate believes that the so-called cryptocurrency pockets will enable clients to obtain, commerce, and spend digital currencies and transfer them out and in of the Robinhood app.

The SHIB token was formally launched in August 2020, when the decentralized finance (Defi) market was making big strides and rising exponentially.

Whereas Robinhood, launched in 2015 and it states that it’s a commission-free investing platform for shares, exchange-traded funds and cryptocurrencies.

Picture supply: Shutterstock


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James Smith

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