Shib Steps Up To Record Rising Demand As Robinhood Markets Add Coins

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The growing clamor for Robinhood Markets Inc. to add the Shiba Inu coin to its platform is helping the cryptocurrency rise to new heights.

The SHIB token, as it’s called, has risen 13% in the past 24 hours, according to data from CoinGecko. It is currently the 11th largest crypto with a market value of almost $ 24 billion.

A petition on Change.org asking Robinhood to list Shiba Inu – a cryptocurrency meme inspired by Dogecoin – now has more than 326,000 signatures. During the company’s earnings call on Tuesday, Robinhood chief executive Vlad Tenev said he was “cautiously” considering adding more coins to his offerings.

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“We feel great with the pieces that we’re currently listing on our platform and all the new pieces that we’re adding, we want to feel just as good, if not better,” Tenev said.

Coinbase Global Inc. added the token last month.

Crypto has become more critical for Robinhood’s growth. Last month, the brokerage firm announced plans to offer crypto wallets, a tool for investors to send and receive digital currencies. The waiting list for this product has exceeded one million customers, the company said previously. According to its latest deposit, 64% of crypto revenue came from Dogecoin.

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Shiba Inu trade has been volatile on the rise. The crypto crashed earlier this week after Elon Musk tweeted that he didn’t own the coin. In a follow-up tweet, he said he bought Bitcoin, Ether, and Dogecoin, and “that’s it.”

(Except for the title, this story was not edited by The US Express News staff and is posted Platforms.)

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