- SHIB price has soared to record levels amidst a petition for Robinhood listing surpassing expectations.
- Robinhood Q3 revenue shows a significant drop indicating that the platform might seek SHIB to induce trading activity.
The cryptocurrency Shiba Inu has in the past 24 hours, soared to record highs. Recovering from its slump last week, the Dogecoin-inspired SHIB token has increased in value by about 13 percent, according to our data. It is the 11th biggest cryptocurrency in the world with a market value of almost $24 billion. This upswing comes after the coin plummeted following Elon Musk’s October 24 Tweet revealing that he does not own any SHIB.
But on a positive, there is currently a Change.org petition requesting that stock trading and investing app Robinhood list Shiba Inu. The petition has so far gained over 300,000 signatures. Speaking during Robinhood’s October 26 earnings call, CEO Vlad Tenev revealed that the company is tentatively exploring the possibility of listing new coins.
We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more goodhile Tenev did not specify what coins the platform was looking into, Robinhoods stands to benefit from listing SHIB..
Why Robinhood needs Shiba Inu (SHIB)
According to Robinhood’s third-quarter revenue report, trading in digital assets slowed down tremendously in the third quarter of this year. Compared to Q2, Q3 had fewer funded accounts. This translated into less revenue in that quarter. The report reveals that while cryptocurrency transaction fees brought in $51 million in Q3 ‘21, an 860 percent increase from the same quarter last year, they are down 78.1 percent from this year’s second quarter crypto transaction-based revenue of $233 million.
This slow down in crypto activity was expected according to SEC paperwork Robinood filed in July. However, with the recent bullishness of top cryptocurrency Bitcoin and the expected “altcoin season”, this revenue stream has the potential to pick up this quarter. Listing a top altcoin in the current market could generate Robinhood some revenue.
Top cryptocurrency exchange Coinbase added the meme coin-inspired token to its list of assets last month. Robinhood’s record of success with crypto could lead the trading platform to also list the coin. Commenting on the third-quarter numbers and the firm’s way forward with crypto Tenev says,
This quarter was about developing more products and services for our customers, including crypto wallets. More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors.
The crypto wallets Tenev mentions will enable users to send and receive crypto. Whether SHIB will be in Tenev’s version of the future where Robinhood becomes a top platform for both retail and crypto investors remains to be seen.
