On Thursday, Shiba Inu (SHIB) saw a significant jump of 16% after rumors spread that Robinhood would be listing the project, making it one of the leading cryptocurrencies in terms of gains. During this time, the asset’s prices went as high as $0.00003 before hitting a sell-off. Shiba Inu ranks thirteenth place as the largest cryptocurrency, and it has a market capitalization of $17 billion.
Based on the price charts, there’s an indication that this recent move came after a bounce from resistance-turned-support levels of $0.000027. However, Shiba Inu is facing a consistent downtrend overall since its prices had significantly nosedived by 62% since October 2021, when it reached its all-time high of $0.00008.
This recent boost in price occurred after rumors spread on Twitter of a Robinhood listing. A tweet by business news handle ZeroHedge said that a Robinhood listing for Shiba Inu would happen in February. However, Robinhood is silent about these rumors and hasn’t made any comments to clarify or dispute the claims.
SHIBA INU ROBINHOOD LISTING SAID TO COME AS EARLY IN FEB
this is about 6 months too late
— zerohedge (@zerohedge) January 12, 2022
In the past, Robinhood CEO Vlad Tenev denied any plans that the stock trading app would be listing Shiba Inu on the platform. During an interview with CNBC, he said that the company is prioritizing “safety first.” “So we’re not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria,” he said.
Bitso, one of Mexico’s biggest crypto exchanges, announced that it would be listing Shiba Inu. However, we can see on the trading data that the announcement didn’t do much to the asset’s prices.
https://twitter.com/Bitso/status/1481025782629732352?s=20&t=dXeNVxLcRGSey5P9qQ2RVA
However, Shiba Inu wasn’t the only one to see a price increase. Around the same time, competing meme tokens such as Dogecoin, Baby Doge, and Floki Inu saw significant gains. Shiba Inu’s recovery seems to come hand-in-hand with the crypto market’s broader recovery after almost a week of consistent downtrends.
