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Shiba Inu (SHIB), a Dogecoin spinoff that has come to the limelight recently on the back of its outsized year-to-date gains, might just be about to kick its ongoing bullish momentum into high gear.
As per the news that is just breaking across the proverbial waves, Shiba Inu’s SHIB coin is reportedly nearing a listing on the Robinhood platform:
$SHIB reportedly coming to Robinhood
— Market Rebellion (@MarketRebels) October 18, 2021
This comes as a petition on Change.org has already garnered 265,152 signatures (at the time of writing) to list Shiba Inu on Robinhood.
The coin is up at least 5 percent on the back of this news. So, why is a potential listing of the SHIB coin on Robinhood such a big deal? Well, the brokerage platform remains popular with retail investors trying to gain exposure to prominent crypto names. Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains in the runup to its listing on the popular brokerage platform. Given that Shiba Inu’s SHIB coin is already up 5 percent on this news, investors might be pricing in the prospects of a similar bull run.
At the time of writing, Shiba Inu’s SHIB token is trading at $0.000029, a small distance away from its all-time high of $0.00003791 recorded on the 10th of May. Interestingly, the current price level corresponds to year-to-date gains of over 40 million percent!
As a refresher, the Shiba Inu token is based on Ethereum’s ERC-20 protocol for smart contracts and utilizes a proof-of-stake (PoS) mechanism. SHIB is the project’s foundational currency and, after having endured a series of epic supply burns, there are currently only 394.796 trillion SHIB coins in circulation out of a max supply of 1 quadrillion. With a max supply of 107,646 coins, LEASH is the project’s second token. Investors can purchase LEASH via Uniswap, a decentralized finance protocol that is used to exchange cryptocurrencies. BONE, with a maximum supply of 250 million tokens, is the third coin under the Shiba Inu project. This token can be obtained by staking SHIB coins on the project’s native crypto exchange, dubbed ShibaSwap.
We had noted in a previous post that predictions for Shiba Inu’s SHIB coin to hit the 1 cent price level have been gaining momentum as the project continues to pursue supply burn schemes. Against this backdrop, a Robinhood listing would only further boost the ongoing bullish mania.
Moreover, as we’ve noted recently, a transition in crypto leadership might also be in the cards now. Over the past few bull runs, Bitcoin has always led the initial bullish leg with outsized gains. This phase has been followed by a more general crypto mania under the leadership of altcoins. Given that a futures-based Bitcoin ETF would commence trading on Tuesday, the most immediate bullish impulse for the world’s premier cryptocurrency has now been realized. This scenario favors a gradual transition toward altcoins, including well-established names such as Ethereum as well as the nascent ones, such as Shiba Inu’s SHIB coin.
Do you think a Robinhood listing would boost the price of Shiba Inu tokens? Let us know your thoughts in the comments section below.
The article has been updated to correctly display the all-time high price of Shiba Inu.