Robinhood might not add Shiba Inu on its Platform, here’s why

According to the company, the Shiba Inu digital token may not be required on its platform after all. Despite Shiba Inu fans' aspirations, Christine Brown, the chief operating officer of Robinhood Crypto, claimed that the company has no plans to introduce other cryptocurrency coins anytime soon, according to the best cryptocurrency advisor.

Brown explained that the corporation is cautious to adopt newer coins since their markets are fickle, making them riskier investments.

There have been speculations for a long time that Robinhood would integrate the Shiba Inu coin to its trading and investing platform. Supporters of the Shiba Inu cryptocurrency argued that the move was necessary because Robinhood is a large platform that would expose the token to more investors.

Coinbase, a prominent trading platform, and Public, a retail trading software akin to Robinhood, have both adopted Shiba Inu currency. Robin Hood is regarded by many as the final piece of the puzzle.

"Our aim is a little bit different than a lot of the other players out there right now, who are basically racing to list as many assets as possible," Brown said on Tuesday at the Decrypt Crypto Goes Mainstream event. "We believe that the potential short-term gain for our users is not worth the long-term tradeoff."

The SHIB Army, a dedicated group of Shiba Inu currency investors and connoisseurs who support the coin and have fought for it to be included on Robinhood's crypto trading platform, may find Brown's statements disagreeable. Over 525,000 people have signed a petition on change.org asking Robinhood to introduce the Shiba Inu coin. 

Some Shiba Inu Twitter supporters believe Shiba Inu is strong enough to exist without a Robinhood listing, while others appear to be hoping that Robinhood would list the coin eventually.

If Robinhood adds the token to its platform, it might see an immediate surge in trading volume. A potential Shiba Inu–driven windfall, however, may be fleeting due to the coin's volatility, as Robinhood recently learned after providing Dogecoin. Shiba Inu prices have increased by about 70,000,000% in the last year, with a current market value of $29 billion. Shiba Inu's coin price, on the other hand, has dropped 37% since its all-time high two weeks ago, allowing Dogecoin to reclaim its title as the most valuable dog-themed meme token in the world.

"Because of the uncertain and volatile market conditions, [listing SHIB] may result in significant losses over a short period of time, as well as possibly liquidation problems in the event of sudden price drops or trading halts," Daniel Khoo, a research analyst at blockchain platform Nansen, told Fortune recently.

The most commonly asked question on Robinhood's Say Technology platform, which crowdsources retail investor questions ahead of the brokerage's earnings call earlier this week, was when other coins like Shiba Inu would be added.

Separately, an online petition urging that Robinhood list Shiba Inu has gathered over 400,000 signatures, and #SHIB was trending on Twitter with a slew of "When #shiba" tweets directed at Robinhood.

Bringing things to a close

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Created on Nov 17th 2021 03:01. Viewed 291 times.

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