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Shiba Inu Surges Over 30% Following Robinhood’s Long-Awaited Listing

Shiba Inu on Robinhood

Tuesday, April 12, Shiba Inu, the world’s second-largest meme cryptocurrency, is over the moon after Robinhood listed it in a watershed moment after months of petitions to onboard it. 

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The listing sent the ‘SHIB army’ into a buying frenzy, with the coin soaring by 31% in the past four hours.

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, Chief Brokerage Officer at Robinhood, in a statement. “As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

Apart from SHIB, Robinhood also listed Solana(SOL), Matic(MATIC), and Compound(COMP), bringing the total number of cryptocurrencies listed by the exchange to 11.

The Nasdaq-listed exchange put Bitcoin and Ethereum in their roaster in 2018 before slowly adding a suite of other coins, including Dogecoin, as demand for digital assets continued to soar. Today’s listing has been a historical moment for Shib enthusiasts after almost seven months of waiting and is expected to boost Robinhood’s income through added users and send the price of SHIB to the moon. 

But listing Shib has not been easy. Following a spirited surge in October that saw the coin’s value gain by over 1000%, some SHIB enthusiasts launched a poll to petition Robinhood to list the canine theme coin. Already, the poll conducted on change.org has garnered over 560,000 positive votes against the required 1000,000. 

The Robinhood team has also been deliberately avoiding listing SHIB over legal concerns, considering the strict security laws in the US, where most of its customers are located.

The listing comes days after Robinhood promised to start rolling out its crypto wallet to a two-million-person waiting list during the Bitcoin 2022 conference. Currently, users on the waiting list can use “Robinhood’s Wen Wallets”, which was launched in December, to send and receive cryptocurrencies as well as purchase NFTs.