SHIB Army spent a considerable amount of time campaigning for getting a listing on a popular online stock trading platform called Robinhood. Last year, Robinhood management denied any possibility of listing the token. However, the platform swayed in favor of the listing this year after the SHIB token was visibly suffering from massive losses.
Following the highly anticipated listing on Robinhood, SHIB’s market cap appreciated by $1 billion and saw a visible increase in trading volume. During the last few months, the SHIB token showed a continuous downward trend. However, the listing on the global trading platform Robinhood proved to be its salvation. According to data from TradingView, the massive capital inflow was noted at the same time as the Robinhood listing.
SHIB token is essentially a predecessor of Dogecoin that has managed to gain traction during the meme coin frenzy last year. SHIB token was considered one of the biggest gainers citing a 5000% increase on a year-to-date scale. It is worth mentioning that since its Robinhood listing, the SHIB token has gained around 8.5% in intraday trading.
The main reason for the popularity of Robinhood among investors is its ability to allow people to invest in different stocks without submitting any commission fees. The official Twitter account of Robinhood recently shared the news of the SHIB listing with its followers making it official and verified information. The announcement tweet has managed to gather 33.5K responses thus far.
SHIB Token Giveaway
In addition to listing SHIB tokens, Robinhood also plans to arrange a $100,000 worth of SHIB tokens giveaway to its new investors. The award is going to be distributed in the form of SHIB coins and will be divided among a few hundred selected investors. Last year, a Change.org petition gathered 500k signatures from investors in a bid to get SHIB listed on Robinhood.
However, Robinhood COO Christine Brown kept insisting that the company prefers quality over quantity. This year, the online platform released its new digital wallet add-on. With the new digital wallet, Robinhood added support for eligible digital tokens, including $SHIB. After the announcement of the digital wallet, the number of Robinhood users joining the waitlist reached 2 million.