Robinhood Crypto Just Listed Shiba Inu, Prompting a Price Spike

Shiba Inu - Robinhood Crypto Just Listed Shiba Inu, Prompting a Price Spike

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Both the trading volume and the price of dog-themed altcoin Shiba Inu (SHIB-USD) surged higher on the morning of April 12. Not every cryptocurrency is spiking, so there must be something special happening with SHIB. Indeed, there’s notable news and it’s generating a whole lot of buzz in the crypto community.

Zero-commission investing platform Robinhood (NASDAQ:HOOD) is highly influential — no doubt about that. It revolutionized stock trading in the digital age. The platform also ambitiously entered into the crypto trading market with Robinhood Crypto.

It was only a matter of time, really, before Robinhood Crypto would list the Shiba Inu token. After all, the SHIB-trading community has been growing by leaps and bounds.

Just browse around on social media and you’ll see how vast this community has grown. So, at long last, Robinhood Crypto officially announced on its blog the listing of Shiba Inu for buying and selling.

Bear in mind, the token was launched not too long ago — in August of 2020, to be precise. Some traders didn’t take it seriously at first. Now, the skeptics will have to acknowledge that SHIB is here to stay. And it’s moving higher quickly, as the price surged 28% to reach .00284 cents recently.

This is exciting news, but Robinhood made sure to emphasize the safety factor. Its Chief Brokerage Officer Steve Quirk assured, “we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

Quirk’s statement should be duly noted by Shiba Inu skeptics. Granted, it’s a fairly new token and it’s prone to price volatility. Still, Quirk’s point is that traders can buy and sell SHIB on a secure platform.

So, if you have an account with Robinhood Crypto, feel free to take a position in Shiba Inu. You’ll be joining a rapidly growing community of SHIB fans — and with this positive news, the token’s price is likely to move higher for a while.

On the date of publication, David Moadel 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.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.


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