Shiba Inu (SHIB), which is a meme token that was inspired by a dog has surged 9.3% over the past 24 hours. This surge was in line with a wider bounce back in the cryptocurrency market, which rebounded 6.7% and is now at $2.4 trillion.
SHIB appears to have regained momentum as traders say that Robinhood could add it to their platform. Social Media talk is increasing as more than half a million people have signed a petition to see this token put on the Robinhood platform.
Kraken added Shiba Inu to its popular U.S. crypto exchange. Key listings can raise the value of certain tokens in the short term, as most investors know.
For those people speculating on how Shiba Inu will continue to build momentum, such listings are important catalysts to keep an eye on. This popular petition is gaining the attention of investors.
Robinhood has not provided an answer to when or if it will add Shiba Inu to its trading platform. Meanwhile, the token Dogecoin can be purchased on this platform. Robinhood seems to have a somewhat different view of meme tokens than other platforms. The Crypto Chief Officer with Robinhood has dismissed the idea of adding Shiba Inu to the platform in the past.
There is a reason Robinhood has stayed non-committal. Shiba Inu is one of the riskiest cryptocurrencies to buy at the moment. Investors are on edge after a broad crypto market sell-off over the weekend and a hack of the BitMart exchange, during which SHIB tokens were stolen.
Even so, the interest and trading volume with this token might simply be too much to ignore. The petition has over 500,000 signatures which signifies real interest. Also, there is competition rising between various crypto-centric exchanges and platforms. For Robinhood, the positive outcome from listing Shiba Inu might outweigh any reputational risks.
Speculating on a near-term catalysts isn’t something most long-term investors would waste their time with. That being said, volatility is important to a trader. The volatility with Shiba Inu seems to be on the upside today. Because of this catalyst traders are taking notice.
Author: Scott Dowdy