Robinhood Finally Lists Shiba Inu. How high will the price go?
Robinhood Markets Inc. has finally listed the top meme token Shiba Inu. The listing announced today includes three other cryptocurrencies, namely Solana (SOL), Polygon (MATIC), and Compound (COMP). This is one of the rare occasions Robinhood has listed tokens on its platform.
“As a safety-first company, we have a rigorous framework to help us evaluate assets for listing. We remain committed to providing a safe and educational crypto platform,” Robinhood’s chief brokerage officer, Steve Quirk, explained in the company’s post-Tuesday.
The post also added that while “Buy” and “Sell” functions have been enabled, users will not be able to deposit or withdraw the newly added tokens immediately. The listing is coming on the heels of Robinhood’s announcement last week that it had activated its crypto wallet for 2 million “eligible” customers, thus boosting the investment app’s capacity for digital asset transfers.
A dream come true for SHIB investors and supporters
Shiba Inu supporters and investors have long agitated for the listing of the meme token on Robinhood. Though it often came close to getting listed, the platform did not record SHIB until now. The listing, however, is a dream come true for this group of people, and they must be looking forward to a great future now that it is done.
SHIB investors see massive potential in a Robinhood listing. Robinhood listing will expose the platform’s over 22 million verified users to the SHIB. Naturally, this will potentially increase the demand for the token, which will, in turn, boost the price. Indeed, a mere rumor of the meme token’s listing on Robinhood has led to a 16% jump in its worth in the past.
This time, it seems to be a big deal even for the investment app as it is giving away $100,000 worth of the asset to its users.
SHIB is up 17% following news of the listing
SHIB seems to have been affected positively by announcing its actual listing on Robinhood. The asset has gone up more than 17% at the time of writing this report, only a few hours following the development.
The real question is how long this rally will last and how high it will take the price. Many analysts have denied any possibility of SHIB’s price going higher because of the high market cap. However, the project has burnt millions of tokens recently to reduce the circulating supply to increase the price. It remains to be seen if this succeeds or not.
On the other hand, Robinhood deals with 22.5 million users on its platform monthly. Exposing shib to many investors can increase buying pressure and positively help shib price, especially when a coin like shib has one of the strongest communities.