Among the 20 largest cryptocurrencies in terms of market capitalization in the last 24 hours, Shiba Inu is the best positioned and the one that enjoys the most interest, gaining more than 18%. It is a reaction to the long-awaited addition of the asset to the instrument pool of the Robinhood platform. Bitcoin at the same time seems to be at a standstill, struggling with the psychological level of $40k.
Trading with SquaredFinancial
Since the sharp declines on Monday, the price of Bitcoin has stopped at the height of the mentioned zone. As long as it does not break more clearly, the bulls still have a chance to rally and try to break out of the consolidation drawn from the beginning of the year. Although the recent BTCUSD sell-off of roughly a dozen percent caused a slight market panic, technically not much has changed, with the oldest cryptocurrency continuing to trade in the same ranges it was in at the end of last year and the beginning of this year.
What is really the reason for the huge rise in the price of the popular meme cryptocurrency?
The answer is related to the popular Robinhood app. Users of the Robinhood app have repeatedly asked for the introduction of Shiba. In October of last year, a tweet suggesting that the creators of the platform were looking for meme coins was enough to increase their rate by 8%. However, it soon turned out that Robinhood, without Shiba Inu and company representatives, held this position for a long time.
In the end, however, the inevitable happened.
Robinhood not only expanded its offer with four new projects, three hours ago a new promotional campaign was announced on the official Robinhood account, saying that they were launching a new cryptocurrency and giving away $100,000. The first 10,000 tweets received $10 in Shiba. Will that marketing idea end well or will it lead Robinhood to disaster?
What is the risk that the cryptocurrency ends up being kicked out of the Robinhood platform?
It was enough for the message to be shared more than 14,000 times in a short time and accumulate almost 28,000 likes. The introduction of the long-awaited meme coin had investors eagerly reaching for their wallets and starting buying Shiba Inu tokens. This, on the other hand, translated into a rate increase, and in just 1 hour, the Shiba Inu market capitalization increased by $1 billion. But will Shiba Inu really stay on the shelf? What is the risk that the cryptocurrency ends up being kicked out of the Robinhood platform?