According to Robinhood Crypto’s chief operating officer, Christine Brown, the platform is in no hurry to add new crypto tokens, no matter how popular they may be. Because of this statement, which was made last Tuesday, the hopes of Shiba Inu supporters that the platform would soon list the meme token have been crushed.
Brown chose not to fully dive into the details as to why they won’t be listing coins like Shiba Inu, but she did say that the platform is wary of adding volatile coins as they could either violate regulations or be dangerous to the consumers who use the platform.
Brown goes on to say that Robinhood’s strategy differs from other platforms that are just scrambling to list as many assets as possible. She explains that the short-term gain they’ll get from listing these new coins may not be worth it in the long term for their consumers.
However, some of Shiba Inu’s supporters—otherwise known as the SHIB Army—may not be pleased with Brown’s words, especially after they’ve been clamoring to get the meme token listed on the popular crypto trading platform. In fact, there’s a petition on Change.org requesting Robinhood to list Shiba Inu, and it has 527,307 signatures at the time of writing.
Your profits your loss https://t.co/R2rCQDvh0F pic.twitter.com/IAXp48Yqnf
— Chris Is ShibaWatch I am ShibFamily (@EyesofaLeo1) November 9, 2021
Well Coinbase is about to boom. https://t.co/EDhrimCH6V
— Shiba Dude USA (@Shibadudeusa) November 9, 2021
On the other hand, other SHIB Army members have been showing their support on Twitter, saying that the token is strong enough and capable enough to succeed even without being listed on Robinhood.
Without a doubt, Robinhood could benefit greatly from listing Shiba Inu, as it could cause a massive influx of trading on the platform. However, Robinhood has learned a lot after listing Dogecoin on the platform: the influx could only be short-lived since the coin’s value is volatile.
The price of SHIB has spiked up to almost 70,000,000% in the past year alone, causing it to have a market value of $29 billion. However, the meme token also had a significant downfall recently of 37% after it reached an all-time high about two weeks ago. This fall caused Dogecoin to regain its title as the most valuable Shiba Inu-themed crypto project.
Nansen’s research analyst Daniel Khoo understands Robinhood’s wariness about listing Shiba Inu, saying that because the coin’s market is volatile, listing it could possibly cause significant losses, among other things.
