Robinhood listing Shiba Inu sends the meme coin up
Rumors are swirling that Robinhood will potentially list meme coin, Shiba Inu ($SHIB) — sending its token up 17%.
What’s the big deal? Adding Shiba would give over 9.5M investors on Robinhood’s crypto platform access to the memecoin.
Back in November, Robinhood’s COO dismissed the idea of adding Shiba — despite over 555K people signing a petition to have it listed.
- Only 7 tokens are available on Robinhood, including Bitcoin, Ethereum and Dogecoin.
- Compared to other crypto exchanges, Robinhood is more selective about adding new tokens.
Rumor or not, Robinhood’s stock desperately needs a boost — down 70% since August, with sales growth slowing to 35% in the past quarter (from 303% at the start of 2021).
Given the lack of available tokens, investors rushed to competitor platforms like Coinbase (NASDAQ:COIN). This may push Robinhood to reconsider their November stance.
Meme game: In 2022, investors rotated between different meme coins — starting with Dogecoin ($DOGE), then to copycat tokens like Shiba Inu ($SHIB), Floki ($FLOKI). Seems like the crypto community has an obsession with dogs — the latest being Baby Doge Coin ($BabyDoge) — which is up over 200% in the past month.
Unlike other cryptocurrencies which have a project behind it — memecoins are primarily a speculative investment. Their value is based on its “community”, social media sentiment and legions of random Telegram groups pumping it up.
- Playing with meme coins is a dangerous game — and unless you’re early in the trend, expect big losses.
- When retail investors catch on, early investors often dump their tokens — leaving late investors with large losses.