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Shiba Inu surge continues as Robinhood hints at listing

Cryptocurrency News12 hours ago (Oct 27, 2021 11:03)

By Samuel Indyk – Shiba Inu was up another 25% on Wednesday morning after executives from the popular US trading platform Robinhood (NASDAQ:HOOD) hinted that the coin might be added to the platform in the near future.

Speaking on the company’s conference call following its earnings on Tuesday, Robinhood Chief Executive Officer Vlad Tenev said the company was “carefully” considering adding additional coins to those currently offered. Speculation is that Shiba Inu may be next to be added to the platform soon. 

Shiba Inu, which is now the 11th largest coin by market cap, is already listed on Coinbase (NASDAQ:COIN). The coin has a market cap of over $20 billion.

The comments from Tenev come as a petition to have the coin added to Robinhood has amassed over 330,000 signatures. The petition, titled ‘Kindly request of Robinhood to list Shiba Inu coin!’, was created over 5 months ago but has risen in popularity in recent weeks as the price of Shiba Inu has rocketed.

Just this month alone, the coin has gained almost 650%.

It wouldn’t be surprising to see Robinhood list the coin, given the revenue generated from Dogecoin when similar price action was observed in the original dog-based coin at the start of the year.

Back in August, Robinhood said cryptocurrencies made up over 50% of its transaction-based revenue in the second quarter. Dogecoin accounted for 62% of that cryptocurrency revenue.

Shiba Inu surge continues as Robinhood hints at listing

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