Meme cryptocurrency Shiba Inu (SHIB) has been on a fire literally. While many SHIB fans have been gunning for it to rise to 1 cent, fellow meme crypto Dogecoin has been in the wilderness. Meanwhile, SHIB fans have been lobbying to get Robinhood to add the crypto. The popular trading app already has DOGE on its platform. When will Robinhood add SHIB to its platform?
SHIB fans have started a petition on Change.org to request that Robinhood adds Shiba Inu for trading on its platform. The campaign hopes to get 300,000 signatures and so far, it has received over 200,000 signatures.
What cryptos are on the Robinhood platform?
Currently, there are seven crypto assets on the Robinhood platform. Three of them are from the Bitcoin family, while two are from the Ethereum family. The platform has two altcoins—Dogecoin and Litecoin.
Robinhood has been selective about the crypto assets that it adds to the platform. However, the company could add more crypto assets in the future considering the growing importance of cryptocurrency revenues in its sales mix.
Why cryptocurrencies are important for Robinhood
In August, Robinhood released its earnings for the second quarter of 2021, which was its first earnings release as a publicly traded company. The filings showed that cryptos made up over half of its transaction-based revenues in the quarter and over 60 percent funded accounts traded in cryptos in the quarter.
To put that in perspective, in the first quarter, only about a sixth of Robinhood’s transaction-based revenues came from cryptos. Also, it was the first quarter for the company where more new customers traded in crypto than in stocks. The earnings changed the perception of Robinhood from a stock trading app to a crypto exchange like Coinbase.
Robinhood traders love DOGE
Another key takeaway from Robinhood’s second-quarter earnings was the growing importance of Dogecoin for the company. For Robinhood, 62 percent of its crypto revenues came from Dogecoin in the second quarter. While that’s an incredible number, it also exposes Robinhood to the vagaries of the meme cryptocurrency.
Will Robinhood add SHIB?
As a meme cryptocurrency, Shiba Inu competes with Dogecoin for a share of traders’ attention and wallet share. From Robinhood’s perspective, SHIB is a coin that is a competitor to its biggest revenue earner. SHIB is getting popular, which will also impact Dogecoin.
If SHIB’s popularity continues to rise, Robinhood might have to add the crypto to its platform. Apart from being a smart business decision, SHIB would also help Robinhood win over customers. A lot of Reddit traders were furious with the company after it blocked trading in hot meme stocks like AMC Entertainment and GameStop at the height of the Reddit-driven frenzy.
When will Robinhood add SHIB?
Currently, there hasn't been an official confirmation on when Robinhood would add SHIB or if it would add the crypto at all. However, many people on social media have been speculating that it would be sooner than later.
On Twitter, a handle by the name Del Crxpto, which describes the person as a stock and crypto analyst, says that according to their “information” Robinhood is going to add SHIB and is just waiting for the right timing.
Considering SHIB's current popularity, and the fact that Coinbase Pro has already added Shiba Inu, Robinhood might take a favorable view of adding the meme cryptocurrency to its platform. It would be a win-win move. While SHIB would get more acceptance, Robinhood would be able to increase its revenues by adding the crypto to the platform.