Robinhood Listing Rumors Boost Shiba Up By 16%: Analysis

Memecoins are among the highest gainers over the past day and now with the Robinhood listing rumors about SHIB, we can see the coin surging by 16% in the past 24 hours. But are the rumors true? Let’s find out in today’s altcoin latest news.

Shiba Inu jumped 16% leading the gains among other cryptocurrencies because of a Robinhood listing rumor. The prices reached a new high during the early Asian hours on Thursday before a selloff. Shiba Inu is the thirteenth-biggest crypto with a market cap of billion.
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The price charts suggest the move followed a new bounce from the resistance support levels but the tokens remained in a downtrend as prices dropped 62% since hitting an all-time high of $0.00008 in October 2021. the price bump came right after the rumors of a listing on Robinhood emerged on Twitter. A tweet by ZeroHedge reads:

“Shiba Inu Robinhood listing said to come as early as Feb.”

🎉¡Bienvenida Shiba Inu ($SHIB) A @Bitso !🎉 @Shibtoken es el token con nombre de raza de perro japonesa 🐕 que fue lanzada en Agosto de 2020 y compite por un lugar entre el top 10 de las criptos con mayor market cap 📊

🚀 Conoce más en nuestro blog https://t.co/yj2CW54JSm pic.twitter.com/wKMpjwh6w7

— Bitso (@Bitso) January 11, 2022

Robinhood CEO Vlad Tenev denied the plans for listing SHIB on the influential stock trading app in October 2021 and it said that it is about safety mostly because they are not generally going to be the first to add a new asset so they want to make sure that it will go through a stringent set of criteria. Additionally, Shiba was listed on Bitso as one of the biggest exchanges by trading volume in Mexico but the announcement did little to affect the prices according to the data.

The bump in SHIB saw other meme coins like DOGE gain about 14% in the past day. Floki Inu and baby Doge also surged by 10% in the same timeframe. The surge in Shib came on the back of a broader recovery on the market after a week of drops. Bitcoin increased to $43,000 level as the FED chair Jerome Powell said that the state will take measures to fight inflation in the upcoming months.

As recently reported, Memecoins retreated from their record-breaking rallies and SHIB was no exception. The dog-themed token which managed to overshadow BTC in 2021 to become the most seen crypto on Coinmarketcap is now seeing a slow retreat as its popularity dies down. According to the data from Google Trends, the number of Shiba Inu Coin Searches dropped dramatically over the past few months.