Shiba Inu Rises 20% After Listing On Robinhood

The Shiba Inu (SHIB) cryptocurrency is one of the major bets made by several speculators. The coin is relatively well known, but at the same time has a low capitalization, which allows the price to have several rapid price movements, just as happened recently after SHIB was listed on Robinhood.

The exchange announced a new round of listings in various cryptocurrencies on its platform. Shortly after the announcement earlier this week, SHIB is up 20% in a short space of time.

Following the announcement, the currency started to gain momentum in the past 24 hours, reaching a maximum daily value of $0.00002977. Shortly thereafter, the market entered a period of correction and lost nearly 50% of the day’s high.

At the time of writing this article, SHIB was trading 10% above its value in the same period the day before. But even with the minor correction, the currency is still in “positive territory” for the past 7 days, above the value of any other day in the past week.

Still, the coin remains 75% below its all-time high. $0.00008845.

In addition to mentioning the Shiba Inu, Robinhood also announced a promotion to distribute cryptocurrencies among their followers.

“We’re listing new cryptos! And we’re giving away $100K worth of coins! Retweet this post with your Robonhood username to win some! The first 10,000 retweets will earn $10 from SHIB.”

Highly volatile, the Shiba Inu is a favorite for speculation, but because it is a meme currency, many think it is not very useful.

However, like Dogecoin, SHIB has a community that is loyal to the project and always tries to convince others to buy the asset.

These listings, like the one on Robinhood, tend to follow massive community-driven campaigns for certain platforms to start trading the cryptocurrency, campaigns that are often successful due to the sheer number of investors in Shiba Inu.

But it is worth noting how much in the short term the coin was unable to maintain the price it reached due to the hype generated, so it is always good to be very careful when investing in cryptocurrencies of this nature.

Source: Live Coins