Will the Crypto Broker Yield?


Kraken’s listing of Shiba Inu on its platform seems to be putting immense pressure on popular crypto trading app Robinhood. Responding to a question from Dan Roberts, Editor-in-Chief of Decrypt, Robinhood COO Christine Brown said the trading app wouldn’t talk about listing the “Doge Killer.” 

However, after Kraken unexpectedly listed SHIB, SHIB fans can’t help but wonder whether Robinhood will cave in to the pressure and finally list the coin. In early November, Coinmomo, a site that offers crypto trading analysis, hinted at the possibility of Robinhood listing Shiba Inu.

But, shortly after, the claims were kicked to the curb. Christine stated that Robinhood’s strategy “is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now.” 

SHIB Fans Lobby For The Coin’s Listing On Robinhood

It is however unclear whether Robinhood will sustain the pressure mounting on them from SHIB enthusiasts. The coin, has had many of its supporters come out asking for its listing. Presently, there’s a petition on Change.org asking Robinhood to list the coin. This petition has about 543,035 signatures and counting.

SHIB fans have also taken online to express their belief that the meme coin having more than a million holders is reason enough for Robinhood to list it.

Christine Brown however reveals that a coin’s popularity in the market isn’t all it takes to approve its listing

“Robinhood is a safety-first company.” As such, Christine says, ”We want to make sure that we’re working in assessing everything from a regulatory perspective really well.” 

Even so, supporters of the dog-meme coin are still on a social media craze. Shytoshi Kusama, SHIB’s project lead even went a step further to retweet a tweet that suggested that SHIB’s listing on Kraken will force Robinhood to list the coin before the end of 2021.

Why Won’t Robinhood List Shiba Inu

Despite crypto broker Robinhood citing their thoroughness as the sole reason behind not listing Shiba Inu, speculations are rife that there is more to it.

“We, (Robinhood), think that the short-term gain we might get is not worth the long-term trade off for our users.”

According to Robinhood’s COO

This is a statement that has taken multiple interpretations. Among these is that Robinhood is reluctant to list the altcoin because of its dwindling performance.

Despite it’s mainstream popularity, increased use cases and relentless support from fans, Shiba Inu has been struggling since the end of October. This dog-themed currency was at its peak on October 30th, hitting highs of $0.000078. Unfortunately, two months down the line, currency has plummeted to an unbelievable $0.000030. This is the case despite other currencies like Bitcoin skyrocketing during the same period.

Should Robinhood consider listing Shiba Inu, it could be a win-win situation for both parties. SHIB could use the increased exposure that comes with being listed, while Robinhood will get a rise in trade volume. But, the exchange still remains non-committal. This is despite some speculations that its share price has dropped since August because of its refusal to list Shiba Inu.

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