- Shiba inu has has seen astronomical gains over the last year, but Robinhood users have missed out.
- The meme coin is unlisted on the trading platform, but an online petition is aiming to change that status.
- Robinhood’s chief said the platform is waiting for more regulatory clarity on further coin listings.
The price of the Shiba inu coin has sprinted up exponentially over the last 12 months but people who exclusively use Robinhood have missed out on the gains as the meme cryptocurrency remains unlisted on the trading platform.
The ethereum-based dogecoin alternative has shot up by roughly 84,696,100% to $0.00006691 Thursday from $0.000000000079 a year ago. And that’s after it pulled back from a fresh record.
On Wednesday, a push to a new high of $0.00008616 helped tip the token to the 10th spot on CoinGecko’s list of the biggest cryptocurrencies by market capitalization. The token’s value has leapt more than 1,000% so far in October alone.
The soaring gains allowed one crypto investor to turn about $8,000 into $5.7 billion by buying trillions of shiba inu coin shortly after it debuted in August 2020.
Favored by the likes of billionaire businessmen Elon Musk and Mark Cuban, shiba inu was thrust into focus this week, rising more than 20% on Tuesday after an anonymous crypto whale bought 276.6 billion tokens for about $11.5 million.
It popped up to a fresh record the following day, as an online petition urging Robinhood to “be the first traditional brokerage” picked up support. A Change.org user called Tristan Luke put up the online petition in May with the goal of gathering 500,000 signatures in support of a shiba inu listing. It had at least 393,824 signatures as of Thursday.
But Robinhood CEO Vlad Tenev said the company is waiting for regulatory clarity to add more coins to the platform.
Earlier this month, shiba inu vaulted higher after Tesla chief Musk tweeted about his Shiba Inu dog, Floki. But the coin’s price briefly tumbled after Musk revealed he doesn’t hold an investment in it.
Separately, there was no indication Musk is involved in Floki Inu, a cryptocurrency inspired by Musk’s dog, with that coin’s backers engaging in an advertising blitz launched in London.