Shiba Inu coin price recovers slightly on hopes around Robinhood’s SHIB listing

Shiba Inu coin price recovers slightly on hopes around Robinhood's SHIB listing
Shiba Inu coin price recovers

Key Takeaways:

  • Shiba Inu price began its slight recovery on Monday after plunging for the past seven days.
  • Robinhood mum on listing the meme coin.
  • Why SHIBA would not hit $0.01 as expected in 2022.

NIGERIA (CoinChapter.Com) – The conversation about Shiba Inu coin getting listed on the crypto trading platform, Robinhood has continued to heat up despite the meme coin price dipping by 11% over the past week.

As a way of potentially getting the coin to surge to $0.01 in 2022, members of the Shiba Army have continued to push for Robinhood listing. However, the firm is yet to provide any clarity on what its position is with listing the meme coin is.

Shiba Inu coin as it continued to plunge over the past seven days - Coingecko.com
Shiba Inu coin as it continued to plunge over the past seven days. Source: Coingecko.com

Notably, it may not be a bad move listing it as Shiba Inu was one of the top gainers in the crypto market in 2021. The meme coin named after billionaire Elon Musk’s favorite dog saw returns that would’ve turned $100 into $50 million throughout 2021.

Largely it is speculated that it may not be able to provide those levels of returns again, but many analysts still predict healthy returns for this popular memecoin for 2022. For example, CryptoPredictions.com predicts Shiba could go as high as $0.0001 over the next 12 months.

Would Robinhood list Shiba Inu?

Would Robinhood list Shiba Inu?
Would Robinhood list Shiba Inu? Image Source: Gamerevolution

This is a question only the firm itself can answer.

With Shiba Army pushing for the listing and Robinhood executives dragging their heels when it comes to including additional digital tokens on its trading platform, speculators can only predict a possible outcome for the scenario.

However, In November 2021, Christine Brown, the chief operating officer of Robinhood Crypto, said that Robinhood is not in a rush to add new cryptocurrency coins to its trading platform, dampening hopes that it will list the popular meme coin Shiba Inu.

Brown declined to speak about the prospect of listing specific coins like Shiba Inu but said that the firm is wary of listing volatile coins that might be dangerous for consumers or violate regulatory compliance.

In the same vein, Shiba Army fought back in December with a petition garnering over 545,000 signatures for Robinhood to list the meme coin.

At the time of writing, the petition filed on Change.org has been signed by 554,499 people to have Shiba Inu on Robinhood. However, the trading platform is not compelled to list the meme coin despite the high number.

Meanwhile, more major cryptocurrency exchanges are listing Shiba Inu. Bitstamp listed SHIB recently. Kraken and Gemini CoinSwitch Kuber added support for SHIB in November. In addition, a crypto-friendly travel website Travala began accepting Shiba Inu for payments weeks back.

Can SHIBA hit $0.01 in 2022? NO, here’s why

Although SHIB supporters call for the cryptocurrency to eat up another zero after its decimal point or even make a run at $0.01 in 2022, prospects for it happening appears gloomy.

Analysts have given reasons Shiba Inu may not achieve that feat in 2022. The cryptocurrency space has more than 16,200 listed tokens, per CoinMarketCap.com. To stand out, projects need to offer competitive advantages and differentiation. Unfortunately, investors aren’t going to get any competitive advantages or differentiation with Shiba Inu.

The coin is merely another ERC-20 token running atop the Ethereum blockchain. For now, it suffers from the same high transaction costs and lag in processing times that accompany the Ethereum network.

Another excuse is that SHIBA has virtually no utility outside of a cryptocurrency exchange. For example, the online business directory Cryptwerk lists just 394 merchants that accept SHIB as a form of payment as of Dec. 31. What’s more, 44 of these “merchants” are crypto exchanges. This means only 350 businesses worldwide actually accept SHIB as payment.

A third huge problem for Shiba Inu is that history is not on its side as it has delivered once in lifetime gains returning over 46,500,000% in a short time.

According to history, after such returns, a massive pullback awaits, as seen with payment coin Nano which surged 461,000% in under ten months, then shed 99% of its value over the subsequent 26 months. Similarly, privacy coin Verge gained almost 1,200,000% in about a year, then lost 99.6% of its value.

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Shiba Inu, Shiba Inu coin price recovers slightly on hopes around Robinhood’s SHIB listing

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