Launched as an alternative to Dogecoin, Shiba Inu is making waves by adding utility value to its community.
Robinhood Markets Inc (NASDAQ: HOOD) has announced the addition of four crypto-assets through Robinhood Crypto. Among the newly listed crypto assets by Robinhood include Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).
Robinhood has, however, announced that the newly added assets will be available to buy and sell at the moment. However, Deposit and Withdrawal features will be made available later on.
“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, Chief Brokerage Officer at Robinhood. “As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”
Shiba Inu Spikes Following Robinhood Listing
According to market data provided by CoinGecko, SHIB is exchanging hands around $0.0000268, up 20 percent in the past 24 hours. Indeed, it was the SHIB army’s day to take some profits. Remember, most of the crypto assets recorded losses on Tuesday following an increased interest rate by the United States economic data.
For instance, Bitcoin slipped to trade slightly below 40k but has since rebounded to above the same level.
Launched as an alternative to Dogecoin, Shiba Inu is making waves by adding utility value to its community. On Tuesday, the Shiba Inu army learned that the Metaverse is now launched. Thereby adding a new utility for the SHIB token.
Notably, the SHIB token will be used to purchase virtual lands in the newly launched metaverse. However, the team has announced that all bids must be made via Ethereum.
The asset has a market cap of $14,716,341,097 and its 24 hours traded volume stands at $4,630,518,491 according to CoinGecko.
While most crypto assets are counting losses, the SHIB token is counting profits of up to 14836 percent in the past year. Additionally, the asset is up approximately 24.5 percent and 19 percent in the past 30 days and 24 hours respectively.
However, SHIB token long-term holders have recorded 47466552.3 percent in gains since hitting an all-time low on November 28, 2020.
Side Notes
While Shiba Inu is mostly regarded as a meme token, Robinhood added both layer 1 and 2 crypto assets. For instance, SOL is the native token of Solana, a decentralized Proof-of-Stake L1 blockchain built to enable scalable, user-friendly DApps.
On the other hand, MATIC is the native token of the Polygon network, a sidechain to the Ethereum ecosystem. The other listed crypto asset, Compound, allows users to earn interest by depositing crypto into lending pools.
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