Shiba Inu (SHIB) has reached a new all-time high price, leading to a huge demand from Robinhood users to include the token on its trading platform.
SHIB has risen 25% in the past 24 hours, and nearly doubled in the past seven days, according to CoinGecko. At over $26 billion, SHIB is now the eleventh largest crypto currency in terms of market capitalization, right on the heels of its antecedent Dogecoin. Additionally, Shiba Inu’s decentralized exchange Shiba Swap recorded an all-time high trading volume of $452 million on Oct 7.
According to a recent study from Bacancy Technology, SHIB has become the world’s third most Googled cryptocurrency in 2021, with 2.8 million searches on average per month. This trails slightly behind bitcoin, which has an average of 22 million searches per month, and Ethereum, with 6.3 million.
Robinhood users demanding SHIB
The recent bump can be attributed to demand from Robinhood users for the trading platform to list the popular cryptocurrency. A Change.org petition calling for Robinhood to do so has now collected over 326,000 signatures.
However, Robinhood CEO Vlad Tenev said the trading platform would “carefully” consider adding any new crypto to its offerings.“We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,” Tenev said. Rival exchange Coinbase started listing SHIB last month.
Robinhood said last month that it would soon offer crypto wallets, the waitlist for which soon topped 1 million customers. Although crypto has been a boon for Robinhood’s recent growth, contributing $233 million to its Q2 revenue, this dependence has become a double-edged sword.
After revealing that crypto revenue had fallen to $51 million in its Q3 financial results, Robinhood share prices dropped nearly 10%. In light of this, it may reconsider the petitioners’ request, as 64% of its Q2 crypto revenue came from the similarly Shiba-inspired Dogecoin.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.