How Shiba Inu Soared 20% On Robinhood Listing, Watch Out For Volatility
13 April 2022 - 12:00AM
NEWSBTC
Popular brokerage firm Robinhood listed Shiba Inu (SHIB) for its
users. After months of rumors about this listing, the platform made
it official via its official Twitter handle. Related Reading
| Robinhood To Roll Out Crypto Wallets To 1,000 Users In Phase
One In addition, the platform announced a $100,000 crypto giveaway
to incentive Shiba Inu (SHIB) adoption. Users have a chance at
winning a portion of the price by interacting with Robinhood via
Twitter. We dropped new crypto 👀 And we're giving away $100K of it.
Quote tweet this tweet with your Robinhood Username (@ included!)
to get some 🪙 #RobinhoodCrypto The first 10K quote tweets will
receive $10 of SHIB. pic.twitter.com/0jsBKYfJvw — Robinhood
(@RobinhoodApp) April 12, 2022 The announcement had a positive
impact on the price of SHIB and the prices for Solana (SOL),
Polygon (MATIC), and Compound (COMP). Immediately after, the
cryptocurrency began an upward trend from its yearly lows. Data
from CoinGecko indicates that SHIB rose from $0.00002000 to
$0.00002680, at the time of writing. This represents more than a
20% increase in the last 24-hours compared to a 1% profit in the
past week. As expected, with the price bump, the cryptocurrency
experienced an increase in volatility and its trading volume. This
could provide dangerous conditions for market participants.
Research firm Santiment records a 30% pump for Shiba Inu (SHIB)
making it the best performer of the crypto listed today on
Robinhood. Santiment noted: Shiba Inu, Solana, Polygon, and
Compound were all listed on #Robinhood today. Notably, $SHIB saw
the biggest increase in interest, with a +30% pump. Trading volume
is high, and all four of these assets should be expected to have
very high volatility. Additional data provided by Material
Indicators (MI) records an increase in buying pressure from retail
investors (yellow in the chart below) and from investors with bids
orders of around $100,000. The latter seems to be exercising great
influence over SHIB’s price action. Other investors classes (in
green and red) with smaller asks orders have been selling into
SHIB’s current rally. In the short term, large investors need to
push the price to about $0.000028 to potentially see an extension
of the bullish momentum. Shiba Inu (SHIB) To See Launch Of
More Use Cases In support of the bulls, the team behind Shiba Inu
announced the launch of the first stage of their Metaverse project.
This stage has been dubbed Bid Event and will enable LEASH and
SHIBOSHI holders to become early investors. In order to
participate, users must connect their wallets to the SHIB.io
website. In addition, the community will see more use cases for
SHIB. Related Reading | Shiba Inu (SHIB) Jumps 50% To
ATH Amid Robinhood Rumors As the team behind the project claimed,
the token will be used in their native Metaverse platform for users
to perform activities, rename land plots, and lease land. These use
cases will burn a certain amount of SHIB which could contribute to
the bullish momentum.
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