Shiba Inu (SHIB) Coin’s Userbase Is Approaching 1 Million Now, but the COO of Robinhood Remains Unimpressed

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

Shiba Inu, a Dogecoin-inspired meme coin that has generated remarkable gains so far this year, is about to cross a major milestone, with the total number of users who retain exposure to the token approaching 1 million.

Source: https://coinmarketcap.com/currencies/shiba-inu/holders/

As is evident from the snippet above, there are 931,406 total holders of Shiba Inu’s SHIB coin right now, with this figure having grown by nearly 50 percent over the past 3 months. Crucially, Shiba Inu’s userbase is now approaching the psychologically important 1 million mark. In another important development, the official Twitter account of the Shiba Inu project now has over 1.9 million followers. This means that the project has more Twitter followers than Cardano, Kraken Exchange, Solana, etc.

Related StoryRohail Saleem
Robinhood Officially Lists Shiba Inu (SHIB), Available for Trading Now!

With year-to-date gains of over 73 million percent based on the current price of $0.00005388, it is hardly surprising that Shiba Inu is making waves among investors. As per the reporting by Bloomberg, the coin’s meteoric rise has also sparked increased demand for the Shiba Inu dogs:

This brings us to the crux of the matter. In an interview with the Decrypt publication, Robinhood Crypto’s COO Christine Brown poured cold water over the expectations that Shiba Inu’s SHIB coin would soon be available on the popular brokerage platform. While noting that the company was pursuing a more selective strategy than its counterpart Coinbase, Brown stated:

"I also think that our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now."

She went on to note:

"We think that the short-term gain we might get is not worth the long-term trade-off for our users."  

Without directly naming Shiba Inu, Brown seems to have tempered expectations regarding a speedy listing of the meme coin on Robinhood. On the positive side, this announcement has so far not resulted in a sell-off, with Shiba Inu’s SHIB continuing to trade in a consolidation pattern over the past few days.

With Robinhood off the proverbial table for now, SHIB bulls are sure to turn their attention toward Kraken Exchange which has publicly committed to starting the “listing review process” after garnering a large number of likes from the Shiba Inu community.

Related StoryRohail Saleem
Rumor: vEMPIRE DDAO Might Be On the Cusp of Launching a Dedicated Shiba Inu (SHIB) Staking Pool

As a refresher, the Shiba Inu project’s star attraction is its native peer-to-peer crypto exchange, dubbed ShibaSwap. The exchange allows users to “dig” or provide liquidity, “bury” or stake coins, and “fetch” or swap coins from Uniswap or SushiSwap. The project consists of three coins: SHIB, LEASH, and BONE. SHIB is an ERC-20 token built on the Ethereum network. While there were originally 1 quadrillion SHIB coins, only 549.095 trillion coins remain in circulation now, with the rest having been mostly burnt by Ethereum co-founder Vitalik Buterin. The LEASH token was originally meant to be a rebasing agent, with its price pegged to that of Dogecoin. However, the peg is no longer maintained while the token’s supply is capped at 100,000 coins. Finally, BONE is a governance coin with a max supply of 250 million tokens. BONE allows its holders to vote on various proposals crucial to the future direction of the Shiba Inu project.

WccfTech Tv
Subscribe
Filter videos by
Order