Robinhood Isn’t Moving the Needle Yet for Shiba Inu

Shiba Inu - Robinhood Isn’t Moving the Needle Yet for Shiba Inu

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We’ve heard the same story for a long time now — when Shiba Inu (SHIB-USD) finally starts trading on the Robinhood (NASDAQ:HOOD) platform, that’s when Shiba Inu will finally take off and make everyone millionaires.

And if you’ve got SHIB-USD in your crypto wallet, you were probably thinking the same thing. Or at least, you were hoping that you’d see a nice little bump in your Shiba Inu holdings.

But more than a week after SHIB-USD finally debuted on Robinhood, and it looks like the long-awaited “Robinhood bump” was a dud.

As in, completely underwhelming.

In fact, trading volume on SHIB-USD is actually down over the last week. Its even lower than before the cryptocurrency started trading on Robinhood. The whole point of listing Shiba Inu on Robinhood was to make it more accessible to traders and trading volume would help push shares closer to a penny.

That’s not happening.

Shiba Inu is one of four cryptocurrencies Robinhood added to the trading platform on April 12. The coin’s price popped higher by about 8% the day before SHIB-USD began trading, when could you could buy the pupcoin for 0.000027 cents.

But since then, Shiba Inu is down to 0.000025 cents, or a drop of about 4%. It’s already given up half of its Robinhood gains.

Now look at the trading volume, as recorded on Yahoo Finance. In the four days before Shiba Inu started trading on Robinhood the trading volume was:

  • April 5: 1.3 billion shares traded
  • April 6: 687.65 million
  • April 7: 624.39 million
  • April 8: 456.28 million
  • April 9: 683.93 million
  • April 10: 739.65 million

On April 11 and April 12 we saw a big spike, with 3.93 billion shares traded on April 11 and 2.03 billion shares traded on April 12. But then, disappointment follows:

  • April 13: 1.15 billion shares traded
  • April 14: 464.52 million
  • April 15: 338.66 million
  • April 16: 420.84 million
  • April 17: 713.14 million
  • April 18: 514.27 million

So, the trading volume isn’t any higher with SHIB-USD on Robinhood than it was before the pupcoin began trading there. And on many days, the volume is lower than it was before trading on HOOD began.

Granted, this is a small sample size. But the initial indications are that Robinhood won’t do anything substantial for helping to boost the SHIB-USD price. And that’s a disappointment.

On the date of publication, Patrick Sanders had a  long position in SHIB. He did not have (either directly or indirectly) any other positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. News & World Report. Follow him on Twitter at @1patricksanders.

Article printed from InvestorPlace Media,

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