SHIBA Hits Record High as Robinhood Customers Petition to Get Coin on Platform

Dogecoin may have been the most popular cryptocurrency this past spring but there’s a new coin in town.

The latest meme crypto coin to be gaining widespread attention is Shiba Inu (SHIB-USD) and it has soared to a record high this week.

The coin’s price skyrocketed to a new high of $0.00005863 oni Wednesday and has even overtaken the value of Dogecoin by market cap.

Robinhood customers are clamorning for the investing platform to start letting customers trade Shiba Inu.

A change.org petition has already garnered over 300,000 signatures and is asking Robinhood to list the SHIB token, as it’s known.

While Shiba Inu was heading higher on Wednesday, Robinhood shares were tanking 10% after missing revenue estimates for the third quarter. Crypto trading for the company had fallen 78% compared to the previous three-month period.

One analyst during Tuesday’s earnings call asked Robinhood CEO Vlad Tenev just how many new funded accounts had come from the massive uptick in Dogecoin in the second quarter.

“There were millions of new funded accounts that came for cryptocurrencies particularly Dogecoin in Q2. So certainly, it was a meaningful portion of the new accounts in that period,” he answered.

Management was asked about plans for new crypto offerings to which Tenev replied, “”We hear this loud and clear our customers want new coins.”

He went on to say, “The regulatory environment in terms of new coins in lending products in crypto is uncertain and evolving, and we’re having to carefully evaluate whether we can add new coins in a way that safe for customers and in line with regulatory requirements.”

“Crypto is absolutely critical,” Christian Bolu, analyst at Autonomous Research told Yahoo Finance Live.

“To the extent Robinhood can bring out a much more scaled, much more robust crypto offering, we think there’s a lot of incremental monetization opportunity over time,” he added.

“On new coins specifically, one thing to mention is that crypto wallets will allow customers to participate and take coins such as Bitcoin (BTC-USD) and Ethereum (ETH-USD) that they’ve purchased on Robinhood to participate in some of the other decentralized applications of platform, which allow access to coins that we don’t offer,” Tenev had also said.

“So we actually believe that by rolling out wallets, we’ll go long way towards addressing the primary pain point that customers feel right now,” he continued.
Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.