The SHIB price, however, risks another 50% drop as it continues to fluctuate within the descending triangle pattern…
Shiba INU(SHIB) values skyrocketed on April 12 after the token appeared on Robinhood, a commission-free trading platform located in the United States.
SHIB increased by more than 35% to 0.000003, its highest level in two months, before paring some of the gains. SHIP, on the other hand, was on course for its biggest day performance since Feb. 6, when it climbed approximately 27 percent.
SHIB Listing preceded by strong crypto returns
Since the beginning of the epidemic in March 2020, Robinhood has emerged as a go-to for investors on a daily basis. Last year, a retail brokerage added 10 million funded accounts to its platform, with first-time investors accounting for more than half of new signups.
However, in fourth-quarter 2021 reports, it recorded a net loss of $423 million, stating that its major revenue stream (order flow payments) earned $263 million, compared to $267 million in the same period the previous year.
Meanwhile, cryptocurrency trading income increased by more than 300 percent over the same time period, paving the door for Robinhood to provide additional crypto-related services in 2022, including a wallet and the addition of more cryptocurrencies and assets to its brokerage platform.
The addition of SHIB to Robinhood, according to David Guchstein, founder of Guchstein Media, is a “wonderful thing” for the cryptocurrency market, saying that the cryptocurrency might help draw more users to other currencies such as Bitcoin (BTC) and Ethereum (ETH).
The Shiba Inu: what’s next?
According to Into the Block data, the reasons that contributed to the massive intraday rise in Shiba Inu migration also included a period of substantial backlog. Furthermore, the analytics platform shows that a title that has held SHIB for over a year has increased its tally in the previous 30 days. As a result, these “scammers” now control 2.82 percent of the net circulating supply of SHIB.