A petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the meme-inspired cryptocurrency Shiba Inu ($SHIB) on its platform has seen over 500,000 people sign it in a bid to support the cryptocurrency.
The petition, titled “Kindly request of Robinhood to list Shiba Inu coin,” has at the time of writing over 518,000 signatures and is looking to get to one million. In mid-October, the petition had around 240,000 signatures.
It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. As CryptoGlobe reported, Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
Shiba Inu’s price is up over 600% over the last 30 days, but has started stalling recently, moving up less than 1% over the last five days.
According to CoinDesk, the number of addresses that acquired SHIB within 20% of its all-time high climbed six-fold to 116,560 in the last few weeks, indicating a rush to buy the cryptocurrency near its high. Per its report, the data shows a sign of fear of missing out (FOMO) among traders.
In its weekly newsletter, blockchain data firm IntoTheBlock noted that the “last time this pattern emerged in Shiba Inu in May, SHIB dropped by 90%.” While previous price performance does not guarantee future actions, the figure shows there’s an ongoing speculative frenzy when it comes to Shiba Inu’s price.
As reported, the number of Ethereum wallets holding the meme-inspired cryptocurrency Shiba Inu ($SHIB) has surpassed 900,000 roughly a week after hitting the 800,000 mark, meaning that while $SHIB’s price has been waning, the number of wallets holding it has been growing steadily.
It’s worth noting the 900,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.
Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
DISCLAIMER
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.
IMAGE CREDIT
Featured image via Unsplash
