Monday, February 26, 2024

Shiba Inu Soars 20% After Robinhood Listing: Analysis

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Shiba Inu soars 20% after Robinhood listings while the platform also added a few more cryptocurrencies as we reported in our previous altcoin news.

The meme coin Shiba Inu soars 20% in value which was caused by Robinhood’s actions after adding the coin to the trading platform. SHIB is now trading at $0.00002674 but it did cool slightly and it still remains up by 16% on the day. Robinhood is a popular stock and crypto app which allows anyone to trade. Today, the app added support for SHIB as well as  MATIC, COMP, and SOL. The company later announced that it will give away $100,000 worth of the new crypto listed. All of the other coins surged in price as well.

shib daily
SHIB 24-hour Price Chart (Source: Coingecko)

SHIB spiked the most but it was also the best-performing asset in the past day. The token is the 15th biggest digital asset with a market cap of $14.6 billion and runs on the ETH network which Is a part of the reason it became the biggest player in the crypto space. As a meme coin, it doesn’t have quite the utility so you can’t really spend SHIB anywhere and it is not clear what it was created for. Memecoins are cryptocurrencies based on an internet joke.

The price of SHIB is much more volatile than other assets with bigger maker caps like MATIC behind the Polygon network. Polygon is also an Ethereum sidechain whcih was designed to speed up the transactions and ease the load on the main ETH network. Its native coin MATIC is used to pay for transactions on the Polygon network and it is the 16th biggest crypto by market cap and was tradign for $1.43 at the time of writing. Compound is now trading for $129.95 with a market cap of $868 million. Solana holds the sixth biggest crypto position and is trading for $106.71.

Robinhood Partnered With Chainalysis, app, company, fine,

As recently reported, The Shiba Inu metaverse will use Ethereum for the land pricing but the DOGE creator said selling fake land with ETH will not enhance the utility of the memecoin. Shiba Inu’s new metaverse program will be able to compete with established players like Decentaland. The team behind Shiba Inu unveiled the much-talked virtual reality project but instead of SHIB, the developers picked ETH as the land pricing token.

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