Shiba Inu – New Broker Listings Continue to Fuel the 71 Million Per Cent Price Rise

Justin Freeman

FF Shiba

While crypto traders have piled into Shiba Inu (SHIB), the reaction from brokers to the altcoin has been decidedly mixed. Robinhood, the flagship of meme traders, continues to hold off on listing the coin. That has meant its clients have missed out on the opportunity to take part in the 71m per cent price rise seen over the past year. eToro has stepped up from being ‘just’ a copy trading platform to being one of the few offering cryptos to UK retail clients, and it does offer a market.

Shiba Inu Daily Price Chart – Oct-Dec 2021

Shiba Inu Daily Price Chart – Oct-Dec 2021

Source: eToro

Crypto purists attracted to the possibility of blockchain finance revolutionising the global financial system will find some irony in the extent to which different broker platforms are adopting the markets.

The scale of the rollout is also crucial for prices, with specialist crypto platform Kraken’s announcement of a SHIB listing from the 30th of November quoted as being part of the reason the coin was, at one point on Tuesday, up 39% on a week-to-date basis. Kraken may be late to the party, but its engagement in the market has given Shiba renewed momentum.

Robinhood Goes Missing

Shiba Inu now has over one million investors, but none of them has taken positions using Robinhood. Its CEO had explained that the platform is waiting on more regulatory clarity on further coin listings. From a price perspective, he’s possibly right to be cautious because equally dramatic price crashes match the incredible price spikes in Shiba.

That hasn’t done much to calm the broker’s client base. In May, a Change.org user called Tristan Luke put up an online petition hoping to gather 500,000 signatures in support of a Shiba Inu listing on Robinhood. As of Thursday, it had attracted at least 393000 signatures.

Shiba Inu FOMO Kicks In – Again!

The problem for traders is that not being able to make their own call on a market can be frustrating. Not every trader looking to buy Shiba Inu is looking to “bet the farm.” Some are trading at a tiny size and are following the adage that investors should only trade in amounts they can afford to lose. For them, Shiba trades are as much about the coin’s role as a conversation point and the question of whether crypto will ultimately turn the current financial system upside down. And of course, with 71m per cent price rises a possibility, there is a chance of a life-changing return being made.

 

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Justin Freeman

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