Shiba Inu (SHIB), a Dogecoin spinoff that has come to the limelight not too long ago on the again of its outsized year-to-date features, would possibly simply be about to kick its ongoing bullish momentum into excessive gear.
As per the information that’s simply breaking throughout the proverbial waves, Shiba Inu’s SHIB coin is reportedly nearing a list on the Robinhood platform:
$SHIB reportedly coming to Robinhood
— Market Rebel (@MarketRebels) October 18, 2021
This comes as a petition on Change.org has already garnered 265,152 signatures (on the time of writing) to record Shiba Inu on Robinhood.
The coin is up not less than 5 p.c on the again of this information. So, why is a possible itemizing of the SHIB coin on Robinhood such a giant deal? Properly, the brokerage platform stays widespread with retail traders attempting to achieve publicity to distinguished crypto names. Dogecoin, a cryptocurrency that skilled the same momentum outburst earlier this yr, had additionally registered outsized features within the runup to its itemizing on the favored brokerage platform. On condition that Shiba Inu’s SHIB coin is already up 5 p.c on this information, traders is likely to be pricing within the prospects of the same bull run.
Supply: https://coinmarketcap.com/currencies/shiba-inu/
On the time of writing, Shiba Inu’s SHIB token is buying and selling at $0.000029, a mere spitting distance away from its all-time excessive of $0.00003389 recorded again in April. Curiously, the present value stage corresponds to year-to-date features of over 40 million p.c!
As a refresher, the Shiba Inu token is predicated on Ethereum’s ERC-20 protocol for good contracts and makes use of a proof-of-stake (PoS) mechanism. SHIB is the venture’s foundational foreign money and, after having endured a sequence of epic provide burns, there are at the moment solely 394.796 trillion SHIB cash in circulation out of a max provide of 1 quadrillion. With a max provide of 107,646 cash, LEASH is the venture’s second token. Buyers can buy LEASH by way of Uniswap, a decentralized finance protocol that’s used to change cryptocurrencies. BONE, with a most provide of 250 million tokens, is the third coin underneath the Shiba Inu venture. This token could be obtained by staking SHIB cash on the venture’s native crypto change, dubbed ShibaSwap.
We had famous in a earlier publish that predictions for Shiba Inu’s SHIB coin to hit the 1 cent price level have been gaining momentum because the venture continues to pursue supply burn schemes. Towards this backdrop, a Robinhood itemizing would solely additional enhance the continuing bullish mania.
Furthermore, as we’ve famous not too long ago, a transition in crypto leadership may also be within the playing cards now. Over the previous few bull runs, Bitcoin has at all times led the preliminary bullish leg with outsized features. This section has been adopted by a extra common crypto mania underneath the management of altcoins. Given {that a} futures-based Bitcoin ETF would start buying and selling on Tuesday, probably the most fast bullish impulse for the world’s premier cryptocurrency has now been realized. This situation favors a gradual transition towards altcoins, together with well-established names similar to Ethereum in addition to the nascent ones, similar to Shiba Inu’s SHIB coin.
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