The trading volume of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has exploded upward shortly after it was listed on the commission-free trading platform Robinhood, along with Polygon (MATIC), Compound (COMP).
According to data shared by on-chain and social analytics platform Santiment, Shiba Inu’s trading volume shot upward after the listing, as the price of the cryptocurrency quickly surged.
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As CryptoGlobe reported, last year a petition for the meme-inspired cryptocurrency to be listed on Robinhood surpassed half a million signatures as the SHIBArmy rallied to improve the liquidity of SHIB. The petition had around 240,000 signatures in mid-October.
It mentioned that Robinhood listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
The listing was celebrated by the Shiba Inu community as a whole, but seemingly didn’t prompt long-term holders to divest of their holdings, as addresses holding SHIB for over a year have seen their balance rise by 57% in the last 30 days, according to IntoTheBlock data.
Robinhood’s SHIB listing also came with a $100,000 giveaway in the meme-inspired cryptocurrency, which further prompted engagement from the SHIBarmy. Notably, the listing comes at a time in which Shiba Inu’s Shibarium is moving to the Beta testing phase.
Shiba Inu developer “kaaldhairya” recently shared an upgrade of what he is currently working on for SHIB, while also noting the project’s decentralized exchange is getting “new ways to earn” and that its upcoming burn portal is set to allow users to earn rewards.
Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.”
The developer also mentioned the project’s stablecoin SHI, saying it’s “in development” and asking the cryptocurrency’s community to vote on their favorite collateral for it.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
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