Shiba Inu (SHIB) amid rumours of a listing on Robinhood jumped 16% on Thursday with leading the gains among major cryptocurrencies.
Consequently, Shiba Inu prices reached as high as $0.00003 during early Asian hours on Thursday before a selloff. Shiba Inu is the thirteenth-largest cryptocurrency with a market capitalisation of $17 billion.
Crypto trading is a game of hit or miss
Crypto trading has much uncertainty and unpredictability attached to it. Henceforth, this industry often leads to windfalls for some investors or abundant gains for others.
Bitcoin and Ethereum are big names in the Crypto market and with the beginning of New Year, the expectations and hope from them rose a thousand folds.
But this all went sour. For the fact, Bitcoin has been on a continuing downward spiral, so far, this year. Its market capitalisation started the year around roughly Rs. 34.74 lakh) and was now trading at Rs. 31.57 lakh) on Wednesday afternoon.
In addition to that, Ethereum, too, has been losing value since the start of the year.
Shiba Inu surge attributed to rumours of listing in Robinhood
Price charts suggest this move followed a bounce from resistance-turned-support levels of $0.000027.
Robinhood CEO Vlad Tenev said in an interview with CNBC
“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 previously denied plans for listing Shiba Inu on the influential stock trading application in October 2021.
Moreover, Shiba Inu was listed on Bitso, one of Mexico’s largest crypto exchanges by trading volumes. Though, trading data shows the announcement failed to bring an effect on prices.
Additionally, following the surprise success of Shiba Inu other meme coins, such as dogecoin (DOGE), gained 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.