Shiba Inu Gets Listed On Crypto Trading App Robinhood, Zooms Over 30%

ndtv.com:

Shiba Inu was launched in August 2020 as an alternative to Dogecoin.

A long-pending demand of crypto enthusiasts has been fulfilled with Robinhood listing Shiba Inu (SHIB) cryptocurrency on its trading platform last week. As a result, the meme coin surged by about 30 per cent. The inclusion of Shiba Inu was part of a larger expansion by the Robinhood crypto app. Solana, Polygon and Compound were the other coins listed on the site. And each of these coins climbed after the listing. Shiba Inu fans have long lobbied for the coin to be added to the trading platform. A large number of them last year even launched a petition on Change.org that saw more than 550,000 signatories in favour of the move.

Shiba Inu was launched in August 2020 as an alternative to Dogecoin, which had seen a stunning rise on the back of support from some billionaire entrepreneurs, including Tesla CEO Elon Musk. But Shiba Inu soon positioned itself as a “Dogecoin killer”.

Not much is known about the group of persons who launched Shiba Inu – except that they are known by the pseudonym “Ryoshi”. However, the founder(s) say Shiba Inu was an experiment in decentralised spontaneous community building.

Analysts blame the delay in hosting Shiba Inu on Robinhood for its resistance because of the volatility surrounding the crypto. Shiba Inu sees a lot of spikes and valleys.

But investors' interest in the meme coins had been increasing and thus Robinhood likely found it difficult to avoid listing it on its platform any longer.

“We're excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, Chief Brokerage Officer at Robinhood, in a blog.

The blog said that the crypto tokens have been made