Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing
- Social investing app Public.com lists SHIB for members with crypto access; the platform is yet to launch crypto wallets.
- Brazil's largest cryptocurrency exchange Novadax added SHIB to its fiat-crypto market.
- All staking and liquidity mining stablecoin rewards on SHIB will now be distributed through BONE, saving Shiba Inu holders the gas fees paid in Ethereum to claim rewards.
- Development of Shibarium and Shiboshi games is underway; launch is expected within a few months.
Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens.
Rumors of Robinhood listing, analysts predict SHIB recovery
Public.com, a social investing app, recently listed the Shiba Inu coin for members who have opted in for cryptocurrency access on the platform. The social app added cryptocurrencies to its list of offerings on October 7. The platform has over a million traders on its app.
Brazilian traders now access SHIB through the country's largest cryptocurrency exchange, Novadax's fiat-crypto market. Traders on the exchange can buy SHIB using Brazilian Real on Novadax.
Great news for the #ShibArmy in #Brazil, where the biggest exchange in the country now allows to trade Brazilian Reais (BRL) for $SHIB. https://t.co/WZ4FttnIC0#Crypto #SHIBA
— Shib (@Shibtoken) October 20, 2021
ChangeNOW, a non-custodial cryptocurrency exchange platform, recently offered its traders the option to "Flip DOGE for SHIB," effectively exchanging their Dogecoin holdings for Shiba Inu coin. Traders availed this service to accumulate more SHIB tokens ahead of the rumored listing on the zero-commission exchange platform, Robinhood.
An anonymous source close to the exchange revealed that Robinhood had taken notice of the social media support for SHIB, and the platform plans to list SHIB soon.
Shytoshi Kusama, the leader of all Shiba Inu ecosystem projects, recently shared an update on the trifecta SHIB, LEASH and BONE. Kusama addressed SHIB holders' issue with ETH gas fee payment in claiming staking and liquidity rewards. All rewards in stablecoins will now be distributed through BONE.
Kusama confirmed that Shibarium and Shiboshi game development is underway, and there are plans to launch the products in the upcoming months.
Pseudonymous cryptocurrency analyst @army_shiba is bullish on SHIB price. The analyst set a target of $0.00004161 and $0.00005201.
$SHIB CHART!
— $SHIB KNIGHT (@army_shiba) October 22, 2021
It is forming a bullish triangle for around ten days. It accumulates in .2479 (support) and .3519 (resistance) channel!
Once it breaks the resistance, targets will be .4161 and .5201! pic.twitter.com/VUhlu55AdW
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu has one obstacle to overcome before the Dogecoin-killer hits $0.00006.
Disclaimer: FXStreet has reached out to Robinhood employees to get an official statement about the recent developments, but it has yet to hear back.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
