Robinhood May not Require Shiba Inu Coins on Its Platform
Christine Brown, the chief operating officer of Robinhood Crypto, stated on Tuesday that the company is not in a rush to add new digital currencies to its trading platform, putting an end to expectations that the famous meme coin Shiba Inu might be added.
Brown would not comment on the possibility of listing specific currencies like Shiba Inu, but he did say that the corporation is leery about listing volatile coins that might endanger customers or break regulatory compliance.
“Our goal is a little bit different than a lot of the other players out there who are simply racing to list as many assets as possible right now,” Brown said at Decrypt’s Crypto Goes Mainstream event on Tuesday.
“We believe the short-term benefit we may receive is not worth the long-term cost to our consumers.”
The SHIB Army, a dedicated group of Shiba Inu currency investors and aficionados who support the coin and have lobbied to get it listed on Robinhood’s crypto trading platform, may not be pleased with Brown’s comments. Over 525,000 people have signed a petition on change.org urging Robinhood to list Shiba Inu currency.
On Twitter, some Shiba Inu fans claimed that the coin is strong enough to thrive even without a Robinhood listing, while others expressed to anticipate that Robinhood will someday list the coin.
If the cryptocurrency gets listed on Robinhood, it may see an instant increase in trading volume.
However, as Robinhood recently discovered after offering Dogecoin, a possible Shiba Inu-driven windfall might be fleeting due to the coin’s volatility.
Shiba Inu’s price has increased by approximately 70,000,000% in the last year, putting its market value at $29 billion.
However, after hitting an all-time high two weeks ago, Shiba Inu’s coin price has plunged 37%, allowing Dogecoin to reclaim the title of world’s most expensive dog-themed meme token.
When asked about Robinhood’s hesitation to list Shiba Inu, Daniel Khoo, a research analyst at blockchain analytics platform Nansen, recently told Fortune that “due to uncertain and volatile market conditions, [listing SHIB] might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts.”