SHIB gets turbocharged by Robinhood listing. Can it make a comeback?
Updated
Popular meme-coin Shiba Inu (SHIB) surged 18% in an hour after news that the coin was listed on Robinhood first started spreading on Tuesday at noon UCT. SHIB’s rally was in stark contrast to bitcoin’s (BTC’s) performance, as the oldest cryptocurrency is down by 2% over the past 24 hours.
Interestingly, SHIB started its spectacular rally in October 2021 in the wake of rumours that Robinhood (HOOD) would list SHIB. While the investment platform debunked the rumours at the time, a petition asking the firm to list SHIB gathered traction.
To date, the petition has garnered nearly 560,000 signatures. The rumour-sparked rally took SHIB on a volatile journey over the following weeks, with the coin repeatedly surpassing record highs.
However, this time around, SHIB’s journey to the top could prove significantly more difficult, even if the Robinhood listing is no longer ‘fake news’.
Autumn 2021 was a golden era for the global cryptocurrency market, which has since shrunk by over $1trn in total value. Moreover, the market is now gripped by ‘extreme fear’, according to the Crypto Fear and Greed Index.
Shiba Inu to US Dollar (SHIB/USD)
Shiba Inu was launched in August 2020 by a mysterious creator going by the name of ‘Ryoshi’. The coin was promoted as the ‘dogecoin killer’, which hinted at SHIB’s ambition to outperform the original dog-themed cryptocurrency, dogecoin (DOGE), which was launched in 2013.
In October 2021, SHIB indeed surpassed DOGE, soon breaking into the top 10 coins by market capitalisation and kicking DOGE out of the pack.
SHIB rallied in 2021, often as a result of cryptic tweets from Tesla (TSLA) CEO Elon Musk, which some traders interpreted as the entrepreneur’s endorsement for the coin. Likewise, SHIB also plummeted after Musk disclosed that he does not personally own any SHIB.
SHIB is currently the 15th-biggest cryptocurrency, with a market capitalisation of $14.2bn. Its value was down 18% year-to-date at the time of writing (15:05 UCT).
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