New Delhi: Crypto investors are urging Rohinhood Markets to host Shiba Inu, a popular meme coin that experienced a surge in value this month will likely have to anticipate as the crypto exchange platform states that they are in no hurry and analysts expect that revenue growth may hail from elsewhere.
Shiba Inu, which is currently ahead of dogecoin in value was founded in 2013, almost lacks any practical use. However, the coin still surged at least 1,000% in October, leaving dogecoin in the eighth position in the world’s largest cryptocurrency list with a market capitalisation of $42 billion.
The most number of questions asked by retail investors on Robinhood’s Say Technology platform ahead of the brokerage’s earnings call earlier this week was when will it add new coins like Shiba Inu.
Moreover, an online petition has been issued concerning Robinhood’s attempt to list Shiba Inu on its platform has gathered nearly 400,000 signatures. Meanwhile, #SHIB trended on Twitter with several tweets carrying “When #shiba” aiming at Robinhood.
Investors can buy Shiba Inu on a few cryptocurrency trading platforms such as Coinbase. However, trading on Robinhood would allow transactions with lower fees as compared to its other competitors. This would enable the company’s users to move between crypto, stocks, and option on one platform.
The brokerage stated this week that it will wait for more regulatory clarity about new digital currencies it might list.
Currently, Robinhood lists seven cryptocurrencies including dogecoin, which amounted to 62% of its crypto transaction volume in the second quarter which boosted its results.
Mati Greenspan, CEO of crypto advisory and analysis at Quantum Capital stated that if customers keep looking for newer coins with the aim to gain faster returns, the crypto platforms will have to be on their feet to make the customers happy.
“For an exchange that might mean … relaxing their pathway to acceptance by reducing due diligence and eventually they could end up accidentally listing useless coins, or even scams,” he said.