Shiba Inu Surges 16% After Rumors of Robinhood Listing

Meme coins were among the highest gainers in the past 24 hours as the overall crypto markets surged.

AccessTimeIconJan 13, 2022 at 7:21 a.m. UTC
Updated May 11, 2023 at 4:46 p.m. UTC

Shiba inu (SHIB) jumped 16% on Thursday, leading the gains among major cryptocurrencies, amid rumors of a listing on Robinhood.

Shiba inu prices reached as high as $0.00003 during early Asian hours on Thursday before a sell-off. Shiba inu is the thirteenth-largest cryptocurrency with a market capitalization of $17 billion.

Price charts suggest the move followed a bounce from resistance-turned-support levels of $0.000027. However, the token remains in a broader downtrend as prices have dropped 62% since reaching an all-time high of $0.00008 in October 2021.

Shiba inu's price surged after rumors of a Robinhood listing did the rounds on social media. (TradingView)
Shiba inu's price surged after rumors of a Robinhood listing did the rounds on social media. (TradingView)

The price bump came shortly after rumors of a listing on Robinhood did the rounds on Twitter.

“Shiba Inu Robinhood listing said to come as early as [February],” a tweet by business news handle ZeroHedge read. Robinhood did not return requests for comment.

Robinhood CEO Vlad Tenev previously denied plans for listing shiba inu on the influential stock trading application in October 2021. “It goes back to safety first, right. So we’re not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria,” he said in an interview with CNBC.

Additionally, shiba inu was listed on Bitso, one of Mexico’s largest crypto exchanges by trading volumes. However, the announcement did little to affect prices, trading data shows.

The bump in shiba inu saw other meme coins, such as dogecoin (DOGE), gaining as much as 14% in the past 24 hours. Baby doge and floki inu, two meme tokens issued on the Binance Smart Chain, surged 10% in the same period.

The surge in shiba inu came on the back of a broader recovery in crypto markets after nearly a week of declines. Bitcoin rose to the $43,000 level on Wednesday as Federal Reserve Chair Jerome Powell said the state would take measures to curb inflation in the coming months, as reported.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.