Prominent crypto exchange Robinhood has endorsed the dog-themed meme coin Shiba Inu, declaring it a more decentralized token than its major rival.
The California-headquartered crypto exchange shilled Shiba Inu in a tweet today describing how the meme coin moved from a mere joke to a sensation in the crypto sector. Robinhood mentioned Shiba Inu’s origin, linking users to an earlier post that noted that the token’s rise was “one of crypto’s more popular stories.”
Robinhood Lauds Shiba Inu’s Community-Driven Nature
One major Shiba Inu comment that appealed to the community is Robinhood’s mention that the second-largest meme coin by market cap was designed to be more community-driven than its major rival, Dogecoin. The exchange argued that the anonymity of the Shiba Inu founders and team shows their admirable aim at decentralization and community engagement.
Although Dogecoin debuted before Shiba Inu, Robinhood noted that the $11 billion market cap token set the precedence the meme coin sector now possesses. Notably, many other memes and jokes base their inspiration on Shiba Inu and how it has transcended its meme coin origin.
Robinhood stated that since its debut in 2020, Shiba Inu has shown that meme coins can be useful in the crypto sector. The community achieved this through the expansion of its ecosystem to include layer-2 scaling solution Shibarium and ShibaSwap.
Robinhood Mentioned Other Meme Coins
Meanwhile, Robinhood also mentioned Dogecoin’s importance in the meme coin sector, as it was the first of its kind when it launched in 2013. It noted that Dogecoin is a fork of Bitcoin, created to “make cryptocurrency more approachable and fun.”
The leading crypto exchange further mentioned that Dogecoin, first intended as a joke, quickly gained traction and participated in notable charitable rallies, including funding the Jamaica bobsled team to appear at the Olympics in the winter of 2014.
Robinhood also mentioned other meme coins, such as Solana-based Bonk and Dogwifhat (WIF), alongside Ethereum-based Pepecoin (PEPE).
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