As of April 12, Shiba Inu (SHIB-USD) crypto is now finally available for trading on the Robinhood (NASDAQ:HOOD) brokerage platform. Steve Quirk, Chief Brokerage Officer at Robinhood announced the commencement of buying and selling of four new cryptocurrencies, including Compound (COMP-USD), Polygon (MATIC-USD), Solana (SOL-USD), as well as SHIB crypto.
Mr. Quirk said that deposits and withdrawals of Shiba Inu crypto won’t be available immediately for these assets. That capability is coming soon, although there is no date for transfers of Shiba Inu into and out of Robinhood.
Robinhood is a favorite trading platform for Millennials. They do not charge brokerage commissions for stocks, options, and cryptos. By the way, Webull also does the same, and they already allow trading in Shiba Inu. Both Robinhood and Webull use Apex Clearing and Apex Crypto.
Moreover, Coinbase Global (NASDAQ:COIN) also already permits trading in SHIB crypto, but unlike Robinhood and Webull, it charges commissions. That means that Robinhood is really the last major Millennial trading company allowing trading of Shiba Inu.
SHIB Crypto Gets a Boost From Robinhood
This is important since it is much easier to buy cryptos on these three platforms than on many other crypto exchanges and brokerages. The day before the announcement at Robinhood, Shiba Inu traded at $0.00002214 per SHIB crypto token.
As of Saturday, April 16, it had risen to $0.00002577, a gain of 13.7% just prior to the Robinhood announcement. As a result, Shiba Inu is now the 15th largest cryptocurrency with its $13.49 billion market capitalization, according to coinmarketcap.com.
One simple way to think of the Shiba Inu price is to think of it this way: $100 will now buy 3,88,481 SHIB crypto tokens. This is seen by taking $100 and dividing it by $0.00002577. This is very cumbersome for many investors and undoubtedly acts as a barrier to investing.
Over the long run, SHIB crypto may have to undergo the equivalent of a reverse split (as with stocks). That would make the price more palatable to investors and help with its ease of investment.
On the date of publication, Mark Hake did not hold (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.