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A few hours after SHIB was listed on the Robinhood platform, it experienced inflows to its market cap of around $1 billion. Over the last 24 hours, SHIB has maintained gains and has entered consolidation.
After months of petitions by the SHIB community, Robinhood, the commission-free investment platform finally caved in and listed the meme coin. The trading platform announced the listing on Twitter on April 12, 2022. Before the listing, some crypto traders had given up on the listing ever happening.
SHIB Rises by a Billion Dollars
Shortly after the listing, the number of investors willing to buy Shiba Inu grew significantly. On the day of the listing, the coin saw a spike in its market cap of around $1 billion in just an hour after the listing. According to CoinMarketCap data, the meme coin saw its market cap spike from around $12.55 billion to around $13.75 in one hour. Just 24 hours later, SHIB has maintained about 50% of yesterday’s rally and has entered into consolidation.
In total, the coin added $1.2 billion to its market cap in one hour. After the initial spike, the coin continued to rise, and hit a peak of $16.35 billion, before losing some of its steam to drop to around $15.72 billion by evening 4.40 PM UTC. The price of SHIB rose significantly in the past 24 hours since its listing, performing better than most leading crypto coins, despite the lackluster market activity. Despite these rallies, SHIB has still fallen ~ 8.29% over the last 6 months.
Coins on Robinhood
Besides SHIB, Robinhood has 10 other cryptocurrencies available to traders via the platform. With the addition of SHIB, Robinhood will now offer 11 digital assets listed on its commission-free trading platform. In addition to SHIB, Robinhood decided to grant listings to SOL, MATIC, and COMP.
Months of Speculation
Previously, the executive team at Robinhood, including CEO Vladimir Tenev, had declined to comment when asked if they would list SHIB on the platform. This had led to months of speculation and confusion in the SHIB community.
Due to the lack of clarity, the SHIB community began a petition, which had hit over 550 thousand signatures on change.org. The confusion grew after Christine Brown’s comment, the COO of Robinhood, who said they valued quality over quantity. It seemed to be a swipe at competitors with less restrictive standards.
On April 7, 2022, Robinhood officially released a crypto wallet for eligible members, who numbered around 2 million. At the time, the company’s announcement prompted speculation that it might list SHIB on the platform. The company has been working on its crypto wallet for a while, and it announced the launch of a beta program in January 2022.
The SHIB community appears quite pleased with the listing. While it has led to huge gains in hours since the listing, it is not clear what impact it will have long term.