Shiba Inu surges following Robinhood listing

Shiba Inu

TL; DR Breakdown

  • Shiba Inu surges after Robinhood listing
  • Robinhood plans wallet support function
  • SHIB faces bearish threats

The crypto market has been experiencing a suspected return to winning ways following the slight surge across different tokens. However, Shiba Inu registered a massive price jump of about 30% following a new listing. According to the news, the digital asset was recently listed on the trading platform Robinhood on April 12. The price jump registered by the token is the highest it has seen yet in the last two months of trading in the market.

Robinhood to support wallet functions

After recording the massive 30% jump, Shiba Inu shed some of the gains typical of every token in the crypto market. However, that didn’t deter the token from seeing a massive surge that was last seen on February 6. Robinhood has been one of the most sought-after trading platforms in the crypto market following the 2020 lockdown.

One stat that buttresses this was the about 10 million new users onboarded on the platform from that period to last year. Another unique fact is that almost half of the accounts were new users. The onboarding didn’t stop the company from recording a loss of about $423 million in Q4. During the quarter, Robinhood earned $263 million. Concerning crypto earnings, the company saw an increase of 300%, pushing a likelihood of more crypto products in the coming years.

SHIB faces bearish threats

Robinhood has been moving towards introducing wallets and other services, which could be actualized by the end of the year. Analysts have thumbed up the movement citing that the onboarding of SHIB on the platform will help push the adoption of other digital assets. According to data from analysis platforms, Shiba Inu has been recording small gains in the period leading to the listing, which spurred the surge.

According to on-chain details, wallets with the highest SHIB added more tokens in the last few days. The wallets now own about 2.28% of the entire Shiba Inu in circulation. However, SHIB has continued to fight off bearish threats. The token has been trading inside a triangle for a while now. The consolidation occurred after it saw a massive 70% fall from its all-time high in October 2021. If SHIB eventually breached below, it could stay stuck in a bearish zone for a long time.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News