It will be a surprise to know that experts see the future of cryptocurrencies in a meme coin. Yes, we are indicating to one of the most popular meme coins, Shiba Inu. The hype had influenced the huge platform Robinhood to list Shiba Inu on their trading platform. 

In a blog, Robinhood's chief brokerage officer, Steve Quirk, stated, "We're excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto." Their analyst considers the listing of Shiba Inu a good decision for the future of Robinhood. They trust the potential of this meme coin. 

Apart from the experts' point of analysis, the traders are also highly demanding the listing of Shiba Inu. This drew the attention of world experts to this meme coin. It will be exciting to see whether it will positively impact the growth of Shiba Inu or if it is another flop like Dogecoin. Let's get into the details of this massive step of Robinhood. 

What Is Shiba Inu? 

Shiba Inu (SHIBUSD), ranking as the most popular crypto of 2021, refers to an Ethereum-based altcoin featuring a Japanese hunting dog breed, i.e., Shiba Inu. Also known as the "Dogecoin Killer," Shiba Inu is mostly preferred over Dogecoin. Developed in August 2020 by Ryoshi, an anonymous group or individual, it ranks among the top ten meme cryptocurrencies. 

Shiba Inu is a token created out of an existing blockchain. This means that Shiba Inu doesn't have its own blockchain. Instead, it uses the Ethereum blockchain, thus offering functionality and security. The tokens of Shiba Inu, which are responsible for the functionality of the cryptocurrency, are multiple. They are: 

• SHIB: The only foundational and basic Shiba Inu currency that one can use in trading as an exchange medium is SHIB.

• LEASH: With a supply of 107,646 units, LEASH is the most limited among all coins related to Shiba Inu. People validating transactions using LEASH also get staking rewards.

• BONE: With a supply of about 250 million units, it's mainly preferred when Shiba Inu finds use cases while voting proposals. 

Shiba Inu's price rose by ten times in October 2021. With the rising market capitalization and popularity of the coin, it gained acceptance for being listed on crypto platforms within a short time. This growing popularity of Shiba Inu is basically due to two reasons: 

• The founder of Tesla, Elon Musk, had once tweeted that he wished to be the owner of a Shiba puppy, which depicts his interest in Shiba Inu thus, leading to an increase in prices by about 300% percent. 

• Shiba Inu's price fell by about 40% when Vitalik Buterin, the founder and leader of Ethereum Blockchain Network, donated about 50 trillion coins to a COVID relief fund by an Indian entrepreneur.

Shiba Inu also supports Defi products such as smart contracts, thus letting users earn their passive income by staking and lending coins and gaining recurring fees. Moreover, the ecosystem of SHIB, the meme coin, supports other useful utilities such as Defi and NFT in a platform known as ShibaSwap.

This Defi platform provides a safe, secure and reliable environment for trading the cryptocurrency despite its decentralized nature. Shiba Inu is also trying to bring up the Shibarium or Layer-2 protocol, after which it will have other increased utilities and lowered transaction charges. 

The supporters of Shiba Inu are known as SHIBArmy. The 28-page "woof paper" or whitepaper says that it was launched as an experiment to decide the consequences of a cryptocurrency project run entirely by its community. Since its launch, Shiba Inu has grown to a base of over 500,000 members who have fixed its founding principles. The founding principles of Shiba Inu are:

• The project was initiated from a zero point with zero support.

• Shiba Inu's main intention is to derive something from nothing. 

• Shiba Inu had no existing community in the beginning.

• Shiba Inu users must show compassion and love for dogs of the Shiba Inu breed.

However, investors should keep in mind the risks regarding Shiba Inu are many. Firstly, Shiba Inu is neither a real cryptocurrency nor real money. Instead, it's a meme coin built based on another meme coin. Thus, like other altcoins, its success is completely dependent on the size of its community and its growth. Its utility is less important. In addition to that, its market valuation is also reliant on social media-fueled excitement and frenzy, which changes from time to time.

What Is Robinhood? 

Robinhood is a fintech company founded in the year 2013. It provides the platform to conduct commission-free stock trading, cryptocurrencies, and other investment funds like ETFs (exchange-traded funds). Robinhood is a California-based firm with its headquarters in Menlo Park. The firm spiked up in the recent couple of years by achieving milestones of more than 31 million users. Around 1.3 million individuals are on the waiting list for crypto wallet approval. 

Robinhood is a US-registered broker-dealer and a dedicated part of the Securities Investor Protection Corporation. It is restrained by FINRA, the regulatory authority of American corporations. It delivers its services through mobile applications and web-based platforms. The Robinhood mobile applications showed significant growth and gained 3.29 million downloads. 

Robinhood is a pioneer of the revolutionary change in the trading experience for the traders. This made it achieve 340k signups a year before it launched. It gained users in double the figure just a month before it was launched in the market. Initially, the platform was only dealing with stock trading, but later in 2018, it listed famous cryptocurrencies like Bitcoin, Dogecoin, Litecoin, and Ethereum to initiate crypto trading. 

In the first year, the firm generated a revenue total of $2.9 million, which spiked up to $959 million within 5 years. With more than 22.5 million users, Robinhood closed in 2021 with a valuation of $20 billion. 

Although Robinhood has no trading commission, but it has a unique revenue-generating strategy. Their maximum revenue comes from payment for order flow. They also offer stock loans and premium membership, for which they charge. They have debit card fees along with cash interest and are enrooted in multiple small income flows. 

Although they have many other ways of revenue-generating strategies, they are facing tough competition from other cryptocurrency exchanges, banks, and many discount brokerages. Robinhood has shown outstanding results in the past couple of years despite all these. 

When Was Shiba Inu Listed On Robinhood? 

Crypto enthusiasts had a long-pending demand for Robinhood listing of the coin. Shiba Inu fans had even launched a petition which had gained 550,000 signatures supporting their demand. And finally, In April 2021, Shiba Inu was listed on Robinhood. 

What Changes Did Shiba Inu Acquire After Being Listed On Robinhood?

The origin and success of Shiba Inu are primarily connected with Dogecoin. It was first launched as a "doge-killer." This meme coin is hyped in the market due to its rivalry with doge coins. It became one of the most influential meme coins to date, and last year it skyrocketed to 44,600,000% in the market. 

No doubt Shiba Inu is a popular and successful coin from the beginning, but it gained chances after getting listed in Robinhood. All the tokens, along with Shiba Inu, listed on the platform, showed a notable rise. 

Shibu Inu exhibited a sharp 21% spike in the first half of the day it was listed. Shibu inu reflected the highest growth peg compared to other tokens listed along with it. Shibu inu gained 3 fold more than compound, which gained 7%. Shibu inu was significantly higher than other tokens like Solana, valued around 5%, and Polygon gained 8 percent.  

BuyUcoin's Chief Executive Officer, Shivam Thakral, had recently said, "Robinhood announced yesterday that it had listed SHIB on its platform for trading, which resulted in a 35% surge in SHIB prices in a single day. The surge in SHIB prices is mainly due to the euphoria created around the Robinhood listing, and we can expect some price correction in the days to come." Many influencers have different views on this step of Robinhood, but we can't run away from the fact that crypto coins are volatile. We need to take time before coming to any conclusion.

List Of Other Coins Listed On Robinhood 

On April 12, 2022, Robinhood listed four cryptocurrencies, including Shiba Inu. They are Compound (COMP), Solana (SOL), and Polygon (MATIC). Now, Robinhood has 11 cryptocurrencies listed on its platform. In the past, Robinhood supported top currencies such as Bitcoin, Litecoin, Ethereum, and Dogecoin. Here's a complete list of coins supported by and available on the platform of Shiba Inu. 

• Bitcoin: Bitcoin (Crypto: BTC) tops the list of cryptocurrencies being listed on Robinhood. Having the highest market cap of all time, it's also the top most popular coin in the cryptocurrency world.

• Bitcoin Cash: Bitcoin Cash (Crypto: BCH), often considered a sibling of Bitcoin, addresses the issues of Bitcoin. Being the 21st cryptocurrency according to market cap, it lets users sell and buy Bitcoin.

• Bitcoin SV: Bitcoin SV (Crypto: BSV) is the 57th cryptocurrency when ranked according to market cap. Being the third member of the Bitcoin family, it takes its origin from the blockchain of Bitcoin Cash in 2018. Bitcoin SV aims to stay closely connected with the design of Bitcoin.

• Ethereum: Ethereum (Crypto: ETH) has its own blockchain technology, which has far more utilities than any other cryptocurrency. It has a unique and advanced blockchain technology wherein users can perform multiple applications, including NFTs and digital payments. According to the market cap, Ethereum stands next to Bitcoin.

• Ethereum Classic: Ethereum Classic (Crypto: ETC) is another member of the Ethereum family which stems from the Ethereum blockchain. According to the market cap, it's the 21st cryptocurrency.

• Solana: Solana (Crypto: SOL) refers to a public blockchain platform with low transaction fees and faster transaction time than Ethereum. 

• Polygon: Polygon (Crypto: MATIC), formerly known as the MATIC Network, is an Ethereum token found with the objective of solving the scaling problems of Ethereum. Using layer 2 sidechains, Polygon strives to provide cheaper and faster transactions on the blockchain of Ethereum itself.

• Compound: Compound (Crypto: COMP) refers to an Ethereum-based project that aims to develop solutions for peer-to-peer lending for DeFi applications.

• Litecoin: Litecoin (Crypto: LTC) was developed with an objective to be similar to Bitcoin but with minute differences. Litecoin was developed with extremely low transaction fees and other technological differences. According to the market cap, it's best for point-of-sale payments and is the 14th cryptocurrency.

• Dogecoin: Dogecoin (Crypto: Doge) has its origin as a joke. However, the popularity of this meme coin skyrocketed to heights making it the tenth-largest cryptocurrency according to market cap. 

Besides this, the Robinhood Financial platform also rolled out the feature of cryptocurrency wallets to more than 2 million users. This wallet will also help users grab cryptocurrencies beyond the platform of Robinhood. Thus, users can also use this wallet to hold NFTs (non-fungible tokens). 

Conclusion on Shiba Inu and Robinhood

Robinhood fulfills the demand of many traders. Last year's influential petition had great support in favor of this change and achieved 550,000 signatories. No doubt, the initial days of listing seemed quite impressive, but Shiba Inu is dropping off the price currently.

Listing Shiba Inu is not a very recent demand, and the experts took the time to list it on Robinhood. The reason is the volatility of this coin. Although the experts choose to list it based on people's interest in Shiba Inu, but the performance it exhibits will be worth watching. 

The Crypto market has changed dramatically in the past few years, so it will be hard to predict the future of cryptos. Considering Shiba Inu is still a new arrival, we need to invest more time in observing its performance before coming to any conclusion.