Shiba Inu Surges 16% After Rumors of Robinhood Listing

Meme coins were among the highest gainers in the past 24 hours as the overall crypto markets surged.

Jan 13, 2022 at 7:21 a.m. UTC
Updated Jan 13, 2022 at 3:01 p.m. UTC

Shiba inu (SHIB) jumped 16% on Thursday, leading the gains among major cryptocurrencies, amid rumors of a listing on Robinhood.

Shiba inu prices reached as high as $0.00003 during early Asian hours on Thursday before a sell-off. Shiba inu is the thirteenth-largest cryptocurrency with a market capitalization of $17 billion.

Price charts suggest the move followed a bounce from resistance-turned-support levels of $0.000027. However, the token remains in a broader downtrend as prices have dropped 62% since reaching an all-time high of $0.00008 in October 2021.

Shiba inu's price surged after rumors of a Robinhood listing did the rounds on social media. (TradingView)

The price bump came shortly after rumors of a listing on Robinhood did the rounds on Twitter.

“Shiba Inu Robinhood listing said to come as early as [February],” a tweet by business news handle ZeroHedge read. Robinhood did not return requests for comment.

Robinhood CEO Vlad Tenev previously denied plans for listing shiba inu on the influential stock trading application in October 2021. “It goes back to safety first, right. So we’re not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria,” he said in an interview with CNBC.

Additionally, shiba inu was listed on Bitso, one of Mexico’s largest crypto exchanges by trading volumes. However, the announcement did little to affect prices, trading data shows.

The bump in shiba inu saw other meme coins, such as dogecoin (DOGE), gaining as much as 14% in the past 24 hours. Baby doge and floki inu, two meme tokens issued on the Binance Smart Chain, surged 10% in the same period.

The surge in shiba inu came on the back of a broader recovery in crypto markets after nearly a week of declines. Bitcoin rose to the $43,000 level on Wednesday as Federal Reserve Chair Jerome Powell said the state would take measures to curb inflation in the coming months, as reported.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.