These trading platforms are known targets for hackers, and your assets could be at risk here. Although many of them hold some level of insurance against losses, you are not guaranteed to be able to recover all funds. Online brokerage Robinhood Markets, Inc. (HOOD) added four new cryptocurrencies to its trading platform on April 12, 2022, leading to excitement among cryptocurrency traders and holders. Robinhood Crypto now features Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB), all top 100 cryptocurrencies on the CoinMarketCap ratings. The company is currently testing its crypto wallet, which will allow users to move crypto assets on and off the platform with ease.
Hardware physical wallets store your cryptocurrency offline, making it much harder for funds to be hacked. Robinhood, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. While the SHIB token had been available on major exchanges such as Coinbase, Binance, Kucoin, and others, it was not available on Robinhood. To help hasten SHIB’s listing on Robinhood, a petition launched last summer to persuade Robinhood to adopt the token. As of today, the Change.org digital petition was still live and had 559,701 signatories — more than halfway to its target of 1 million.
Crypto markets are highly volatile, and trading or holding crypto can lead to loss of your assets. Crypto is not legal tender, and is not backed by any government or covered by any government compensation scheme. Cryptocurrency assets may not be appropriate for all investors, so it’s essential to do good research and understand the risks before investing your own money. If you’re in doubt, it may be wise to consult with a trusted financial professional who can guide you on the most appropriate money and investment decisions for your unique needs. At the beginning of August, SHIB held only $2.5 billion in market cap.
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Currently, Robinhood users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms. A crypto wallet will still limit users to buying and selling Robinhood-approved currencies, but the wallet will let users transfer their holdings to outside accounts from which they can trade assets on other platforms. Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) soared to an all-time high of $70.94 on Aug. 4, 2021.
Breaking: Shiba Inu Is Now Listed on Robinhood. Should You Buy?
We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin’s Scrypt-based network. The Scrypt network has low function since it was designed for crypto mining of certain proof-of-work blockchains. In 2021, thanks to public support from Elon Musk and Ethereum founder Vitalik Buterin, SHIB became wildly popular and experienced a stratospheric price spike of 49,000,000% in a few months. If you are a short-term trader who understands the market and its risks, then SHIB could be a good option for you.
But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app Robinhood also helped spark SHIB’s recent trading frenzy. Shiba Inu investors and community members believe that a Robinhood listing could propel the coin to even greater heights, and a change.org petition imploring Robinhood to list the new coin has gathered nearly 400,000 signatures. After months of lobbying, and 559,701 petition signatures, popular dog-themed scammed by xcritical cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with three other top-100 cryptos.
- Over 1 million people—representing a third of Robinhood’s users at the time—signed up to join a wait list before Robinhood launched crypto trading in 2018.
- However, SHIB is certainly risky because it has risen in value mostly from memes spreading on social media and Reddit.
- The company is currently testing its crypto wallet, which will allow users to move crypto assets on and off the platform with ease.
- Be mindful of the risks if you invest in cryptocurrencies like Shiba Inu.
- Software (hot) wallets like Exodus secure your crypto assets by giving much better protection than centralized exchanges.
Can I Buy SHIB on Coinbase?
Now you can buy its native token SHIB on major exchanges like Coinbase, eToro and Robinhood. After appreciating substantially, SHIB became a leading rival of Dogecoin. SHIB is looking to make a place among the top 10 cryptocurrencies in the world.
The first one is a market order — this process executes the order immediately at the current price. You can spread out orders to try to average into or out of a position. Vincent Lau, managing director of international operations at crypto exchange Huobi Global, says that while SHIB’s bull run may falter, he thinks the coin is likely here to stay. On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide.
Indeed, the company’s executives have reiterated numerous times its plans to expand its crypto tools, including the coins which it will offer in the future. This then brings us to the age-old question of, “When will Shiba Inu hit Robinhood? ” Robinhood is one of the most popular platforms for retail trading. Notably, it’s the go-to for the meme trading we’ve seen since early January. It’s also one of the only brokerages that offers up the ability to buy crypto in-platform. The app has seen huge success in allowing users to buy a small handful of cryptos, like Bitcoin and Dogecoin.
Always Consider the Risks When Investing in Digital Currencies
Reaching 1 cent would require a massive gain that values the total market capitalization of Shiba Inu to become greater than all cryptocurrencies combined. Shiba Inu trades between buyers and sellers on crypto exchanges and is not likely a scam. However, SHIB is certainly xcritical official site risky because it has risen in value mostly from memes spreading on social media and Reddit. Some people find it funny and relevant, but many consider it as a bubble. The Shiba Inu is a Japanese breed of dog that originated around 2,300 years ago.
Is Shiba Inu a buy?
A news outlet tweeted yesterday that the “Dogecoin Killer” could be available on the exchange next month. However, Coinbase also clearly states that “any asset not referenced in the list does not preclude any such asset from potential listing,” so there is no guarantee that you won’t see future surprises. Cryptocurrencies may receive a lot of attention, but they’re still a relatively small area for Robinhood xcritical reviews compared to stock, ETF, and options products. The bullishness on Shiba Inu is pushing the altcoin to new limits today.
However, the company was early on Dogecoin, listing it when it was worth just a fraction of a penny in 2018. With SHIB’s similar situation, combined with the rabid following it has on social media and its multi-hundred-percent gains, the stars are certainly aligning for something to happen. The Fed plans to jack interest rates three times this year, which will disproportionately affect highly speculative assets such as SHIB, as investors seek safer plays. A listing on Robinhood could be perfectly timed to help protect SHIB from further price slippage following inevitable interest rate hikes to attempt to slow eight straight months of 5%-plus year-over-year inflation.
