Robinhood (NASDAQ:HOOD) is having a big week and boosting the crypto industry with it. That’s because the e-trading platform is expanding into cryptocurrencies, upping its crypto offerings by over 50% and rolling out several products for users. Shiba Inu (SHIB-USD) fans are perhaps the happiest of the bunch. The SHIB crypto is finally getting a Robinhood listing today.
For nearly a year now, Shiba Inu fanatics have been trying to get Robinhood to list SHIB. This request comes after Dogecoin’s (DOGE-USD) historic run-up last spring; DOGE prices have soared over 7,000%. Much of the upswing can be attributed to the crypto’s listing on Robinhood. After all, the e-trading platform is how many investors are introduced to digital currency. The platform allows users to buy several cryptos without needing a crypto wallet or any knowledge of the industry.
Dogecoin appeals to many investors because of its status as a “meme coin.” With its Shiba Inu mascot, it’s a much more light-hearted project than many others on the market. And of course, with its fast success last year, it has inspired other meme coins to seek out a listing of their own. In particular, Shiba Inu has developed a die-hard “SHIBArmy” fanbase.
This campaign for a Robinhood listing heated up significantly when one SHIB fan created a petition asking Robinhood to hear investors out. The petition received hundreds of thousands of signees — and actually caught the attention of the company. Back in November, Robinhood COO Christine Brown praised the community, although she reiterated the company had no plans to list the crypto. Obviously, something has caused a change of heart today.
SHIB Crypto Wags Tail at Long-Awaited Robinhood Listing
A lot of things can change in just a few months. For example, Christine Brown has stepped down from her COO role at Robinhood, embarking on her own crypto venture. Now, while the company undergoes a change in upper management, it’s also switching up its stance on the SHIB crypto.
This morning, Robinhood announced that it’s expanding its crypto offering from seven coins to 11. Shiba Inu is among the four new cryptos coming to the platform, bringing an end to the community’s hard-fought battle. Beginning this morning, users can purchase SHIB on the Robinhood app.
This news comes just days after blockbuster announcements from Robinhood on Friday. The company already stirred up lots of chatter when it rolled out crypto wallets for 2 million users on the waitlist. Using these wallets, users can finally move crypto assets to and from the platform. Beforehand, investors could only buy or sell crypto on Robinhood.
Late last week, the company also announced that it was integrating the Lightning Network on its platform. This layer-2 Bitcoin (BTC-USD) project helps increase the efficiency and lower the price of transacting BTC. By integrating the network, Robinhood joins the likes of several other companies, such as Strike.
All told, SHIB crypto prices are benefitting greatly from this recent listing news. Currently, the token is up over 15%. With $2.7 billion in SHIB swapping hands, volume is also up threefold over yesterday.
On the date of publication, Brenden Rearick 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.