It looks today like Shiba Inu (CCC:SHIB-USD) is ready to have a drink of water. The pupcoin has been burning up a lot of energy through its momentous October tear. But, as we get into the depths of November, it seems like it needs a breather. As momentum cools, SHIB is paring some slight losses — no big deal for a token that’s seen multi-hundred percent gains in recent months. But why is Shiba Inu going down today? The answer isn’t just momentum slowing; rather, there’s a tangible reason for the token’s losses today. A Robinhood (NASDAQ:HOOD) executive’s comments are pumping the brakes on the community’s efforts to see a listing on the app.
For months now, SHIB bulls have been trying to see Robinhood list their favorite token. In fact, a Change.org petition to have SHIB listed by the e-trader is up to an astonishing 525,000 signatures, making it one of the most popular finance petitions on the platform. These bulls say that the listing stands to benefit Robinhood in a way similar to its listing of Dogecoin (CCC:DOGE-USD) last year.
Indeed, Dogecoin did help Robinhood out significantly. It contributed 62% of the revenue from the platform’s crypto trading service in Q2, a service that in and of itself made up half of Robinhood’s transaction revenue that quarter. However, that momentum has stalled out, seeing crypto revenue fall from $233 million to $51 million in Q3. Bulls think the listing can reinvigorate the platform while also providing broader exposure to their altcoin of choice.
Why Is Shiba Inu Going Down Today? A Comment From a Robinhood Exec Is to Blame.
So why is Shiba Inu going down today in particular? Well, Shiba Inu holders thought they were going to get great news today when they heard Robinhood Chief Operating Officer Christine Brown praise the community. Shortly after, though, the air was let out of their excitement. In an interview at the Crypto Goes Mainstream event, Brown was asked about SHIB. She uplifted the community for its efforts and its engagement with the platform. However, what followed suggests that SHIB isn’t going to see a listing on Robinhood anytime soon.
After reiterating that Robinhood is “safety-first,” Brown says that the company doesn’t race to list assets like competitors. As such, it wants to prioritize long-term interests over the short-term gains a SHIB listing will provide. “The short-term gain to us is not worth the long-term tradeoff for our users,” she says.
This is not the news SHIB bulls are hoping to hear, but it doesn’t necessarily count out a listing entirely. Still though, the token is paring losses of 7% going into the afternoon.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
