$1 billion flows into SHIB’s market cap in an hour as meme coin gets listed on Robinhood

$1 billion flows into SHIB's market cap in an hour as meme coin gets listed on Robinhood
6 months ago
2 mins read

Commission-free investment platform Robinhood has finally listed Shiba Inu (SHIB) after months of petitions and concern over whether crypto traders would ever see this day.

The number of investors eager to buy Shiba Inu Coin has increased significantly after the revelation of the long-awaited listing. Notably, on April 12, the token saw a rush of capital, with $1 billion streaming into the digital asset in less than an hour.

SHIB market cap 1-day. Source: CoinMarketCap

The dog coin spiked from $12.55 billion to $13.75 in just under an hour, adding $1.2 billion to its market capitalization, according to CoinMarketCap.

Currently, the price of the SHIB token is up 8.5% in the last 24 hours on the development, outpacing the rest of the leading cryptocurrencies despite the recent lackluster market activity.

Indeed, the commission-free investing app has now listed SHIB; the meme currency is now visible on the firm’s official website, with the company announcing the new addition on Twitter.

Altcoins listed alongside SHIB

Shiba Inu has been added to the list of tradable cryptocurrencies, with Solana (SOL), Polygon (MATIC), and Compound (COMP) also added, bringing the total number of available cryptocurrencies to 11.

When asked repeatedly about whether or not Shiba Inus will be featured on Robinhood, CEO Vladimir Tenev and other high-profile executives avoided the topic, causing speculation in the community. 

Five months ago, SHIB’s Robinhood petition hit 500k signatures, becoming the leading request on Change.org.

In November, Christine Brown, the business’s chief operating officer for its crypto division, said that the company valued quality above quantity, a statement that seemed to be a swipe at competitors with less restrictive listing criteria.

Meanwhile, on April 7, Robinhood officially released its cryptocurrency wallet for “all eligible waitlist members,” giving some 2 million users waiting for access to utilize the platform’s wallet offerings while also prompting speculation SHIB listing could be imminent.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.