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Shiba Inu Coin fans sign petition for Robinhood

Enthusiasts of the Shiba Inu cryptocurrency token continue to sign a petition on the trading platform Robinhood for the adoption of the meme coin. The petition was created about two weeks ago during the rapid price rise of the coin. The price has dropped by less than 50 percent in the past seven days at the time of this writing.

The petition, posted on Change.org by a user named Tristan Luke, had received over 38,500 signatures at the time of writing. It added that Dogecoin “has been a huge success for Robinhood” and suggests that the Shibu Inu could have a similar effect.

According to data from CoinMarketCap, between May 7 and May 10 there was a sudden surge in the popularity of the Shiba Inu, with the price rising from around $0.00000015 to $0.0000038. However, the token then crashed in price and is currently down more than 77 percent from its May 10 range.

Experts previously warned Newsweek about the volatility in the price of the cryptocurrency as well as the hype surrounding the new coin. Dogecoin, the popular cryptocurrency token that began as a joke in 2013, was accepted on Robinhood back in July 2018.

It experienced a surge in popularity this year, rising from a price of around $0.05 in early April to an all-time high of $0.73 on May 8. Like the Shiba Inu, the price of Dogecoin has seen a huge drop recently. It has fallen more than 36 percent to $0.32 in the past seven days.

Shiba Inu presents himself as a rival to Dogecoin, even is describing himself as a "Dogecoin killer".

Adrian Zduzczyk, founder of cryptocurrency trade group The Birb Nest and co-founder of the YellowBlock blockchain educational platform told Newsweek earlier this month that the Shiba Inu and other meme coins like it are “another version of the hype-riders that use already highly hyped Dogecoin demand."

In April, Andreas Park, associate professor of finance at the University of Toronto, told Newsweek that the volatility of cryptocurrency tokens is “shocking,” adding that “it is entirely possible that many of these assets will disappear within a few years.”

The entire cryptocurrency market took a hit last week, with China announcing that it would take tough action on the use of the technology. Over the weekend, bitcoin mining operations Huobi Mall and btc.top suspended their operations in China due to more sanctions from Beijing. Bitcoin, which hit an all-time high of $64,863 in April this year, fell to around $33,000 on Sunday afternoon. It is currently priced around $36,400.

When will the Shiba Inu coin come to Robinhood?

The meme cryptocurrency Shiba Inu coin (SHIB) has literally come under fire. While many SHIB fans are trying to raise it to 1 cent, fellow meme crypto Dogecoin is in the woods. Meanwhile, SHIB fans are lobbying to get Robinhood to add CryptoKitties. The popular trading app already has DOGE on its platform. When will Robinhood add SHIB to its platform?

What cryptos are on the Robinhood platform?

Currently, there are seven crypto assets on the Robinhood platform. Three of them are from the Bitcoin family, while two are from the Ethereum family. The platform has two altcoins – Dogecoin and Litecoin.

Robinhood has been selective about the crypto assets it adds to the platform. However, the company may add more crypto assets in the future given the increasing importance of cryptocurrency revenues to its sales mix.

Why Cryptocurrencies are Important to Robinhood

In August, Robinhood released its earnings for the second quarter of 2021, its first earnings release as a publicly traded company. The filing shows that crypto accounted for more than half of its transaction-based revenue in the quarter and more than 60 percent of funded accounts traded in crypto in the quarter.

To put this into perspective, in the first quarter, only one-sixth of Robinhood's transaction-based revenue came from crypto. Plus, it was the first quarter for the company where more new customers traded in crypto than in stock. Earnings changed the perception of Robinhood from a stock trading app to a crypto exchange like Coinbase.

Robinhood merchants love DOGE

Another important takeaway from Robinhood's second-quarter earnings was the growing importance of Dogecoin to the company. For Robinhood, 62 percent of its crypto revenue came from Dogecoin in the second quarter. While this is an unbelievable number, it also exposes Robinhood to the vagaries of the meme cryptocurrency.

Why is a potential listing from Robinhood important?

Because Robinhood has a huge customer base. And this will significantly increase the demand for $SHIB among the small investor masses. An audience that can transfer a very significant amount of money overall.

Also there would be an inevitable buyout of Robinhood, as the broker would have to equip a sufficient amount of Shiba tokens to allow exchanges. A methodology that, at the time, had a significant impact, for example, on the price of Dogecoin.

Will Robinhood add up to SHIB?

As a meme cryptocurrency, Shiba Inu competes with Dogecoin for a share of merchants' attention and wallet share. From Robinhood's perspective, SHIB is a coin that is a competitor to its biggest revenue earner. SHIB is gaining popularity, which will affect Dogecoin as well.

If SHIB's popularity continues to grow, Robinhood may have to add crypto to its platform. In addition to being a smart business decision, SHIB will also help Robinhood win over customers. Many Reddit traders were angry with the company after it blocked trading in hot meme stocks like AMC Entertainment and GameStop at the height of the Reddit-driven frenzy.

When will Robinhood add SHIB?

Currently, there is no official confirmation on when Robinhood will be adding SHIB or if it will add crypto at all. However, many on social media are speculating that this will happen sooner than later.

On Twitter, a handle named Dell Crxpto, who describes the person as a stock and crypto analyst, says that according to their "information" Robinhood is going to add SHIB and is just waiting for the right moment.

Considering the current popularity of SHIB, and the fact that Coinbase Pro has already added Shiba Inu, Robinhood may be taking a favorable approach to adding the meme cryptocurrency to its platform. It will be a win-win move. While SHIB will gain more acceptance, Robinhood will be able to increase its revenue by adding crypto to the platform.