Robinhood could wait for better times to add SHIB and other altcoins, recent report says
According to a recent story by Reuters, the long-expected listing of SHIB token by the Robinhood app may not occur soon for the following reason.
DOGE vs. SHIB
The second largest and most popular cryptocurrency meme, SHIB, staged a massive rally this month, skyrocketing to 1000% and toppling Dogecoin. On Thursday, SHIB grabbed 8th place on the CoinMarketCap scale, leaving DOGE behind in 10th place.
At present, however, SHIB has been sent back to 10th place with Dogecoin being in 9th place.
The difference between the market caps of SHIB and DOGE is not that much: $38,173,032,987 versus $38,528,960,047.
Robinhood doesn’t break its neck to list SHIB, here’s why
SHIB Army does not require on Twitter that SHIB be listed on the Robinhood app. But the petition on Change.org, requesting the same, has been signed by almost 400,000 users now.
Robinhood has lower trading fees on platforms like Coinbase and other crypto exchanges, so if / when Shiba Inu is listed on the first, it is likely to increase the coin’s trading volume and attract more. many new investors.
However, the management team of Robinhood is not in a rush to list any new altcoins, including SHIB, since they are waiting to get more regulatory clarity regarding any new coins they may add support for.
Dogecoin, however, is already trading on the platforms and saw its trading volume increase by 62% in the second quarter of this year.
Risks for Robinhood for listing SHIB
Head of Quantum Capital Mati Greenspan believes that there might be certain risks to Robinhood listing SHIB. Other altcoin investors may choose other coins even in the future for quick wins, including FLOKI and BabyDoge. Crypto platforms will have to “stay on their toes to keep their clients happy,” according to Greenspan.
Also, according to the analyst, exchanges should make the process of listing new coins easier and eventually they could start adding completely unnecessary coins to their trading lists.
The expectation of SHIB getting listed on Robinhood soon has been fueling the coin’s recent massive rally, despite even Elon Musk rejecting the coin. However, many in the SHIB Army believe the play rose without Robinhood and certainly without Elon Musk, unlike DOGE.
