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With Shiba Inu (SHIB) Reportedly Gearing up for a Listing on the Robinhood Platform, Expect the Wider Altcoin Universe to Benefit From a General Bullish Wave

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Shiba Inu (SHIB), a Dogecoin spinoff that has come to the limelight recently on the back of its outsized year-to-date gains, might just be about to kick its ongoing bullish momentum into high gear.

As per the news that is just breaking across the proverbial waves, Shiba Inu’s SHIB coin is reportedly nearing a listing on the Robinhood platform:

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This comes as a petition on Change.org has already garnered 265,152 signatures (at the time of writing) to list Shiba Inu on Robinhood.

The coin is up at least 5 percent on the back of this news. So, why is a potential listing of the SHIB coin on Robinhood such a big deal? Well, the brokerage platform remains popular with retail investors trying to gain exposure to prominent crypto names. Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains in the runup to its listing on the popular brokerage platform. Given that Shiba Inu’s SHIB coin is already up 5 percent on this news, investors might be pricing in the prospects of a similar bull run.

At the time of writing, Shiba Inu’s SHIB token is trading at $0.000029, a mere spitting distance away from its all-time high of $0.00003389 recorded back in April. Interestingly, the current price level corresponds to year-to-date gains of over 40 million percent!

As a refresher, the Shiba Inu token is based on Ethereum’s ERC-20 protocol for smart contracts and utilizes a proof-of-stake (PoS) mechanism. SHIB is the project’s foundational currency and, after having endured a series of epic supply burns, there are currently only 394.796 trillion SHIB coins in circulation out of a max supply of 1 quadrillion. With a max supply of 107,646 coins, LEASH is the project’s second token. Investors can purchase LEASH via Uniswap, a decentralized finance protocol that is used to exchange cryptocurrencies. BONE, with a maximum supply of 250 million tokens, is the third coin under the Shiba Inu project. This token can be obtained by staking SHIB coins on the project’s native crypto exchange, dubbed ShibaSwap.

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We had noted in a previous post that predictions for Shiba Inu’s SHIB coin to hit the 1 cent price level have been gaining momentum as the project continues to pursue supply burn schemes. Against this backdrop, a Robinhood listing would only further boost the ongoing bullish mania.

Moreover, as we’ve noted recently, a transition in crypto leadership might also be in the cards now. Over the past few bull runs, Bitcoin has always led the initial bullish leg with outsized gains. This phase has been followed by a more general crypto mania under the leadership of altcoins. Given that a futures-based Bitcoin ETF would commence trading on Tuesday, the most immediate bullish impulse for the world’s premier cryptocurrency has now been realized. This scenario favors a gradual transition toward altcoins, including well-established names such as Ethereum as well as the nascent ones, such as Shiba Inu’s SHIB coin.

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Shiba Inu Can Now Be Used for Booking Over 2 Million Hotels

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Travala has added support for the Shiba Inu cryptocurrency.

Cryptocurrency-focused travel company Travala has announced that it now accepts Shiba Inu as a means of payment after the community managed to win a “battle” against rival meme coin Floki Inu. 

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This means that the red-hot cryptocurrency can now be used for booking over 2.2 million hotels and accommodations around the globe.

Dogecoin, the original joke cryptocurrency, was added to the list of available payment options in early May.

In July, Travala launched Dtravel, a decentralized home rental service that aims to compete with incumbents of the likes of Airbnb. Its ownership is managed with the help of the decentralized autonomous organization (DAO) model.

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The service was launched in 2017 and quickly became popular with crypto-friendly travelers.

Last year, Travala merged with Binance-invested competitor TravelbyBit.   

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Wealth Of US Billionaires $3 Trillion Shiba Inu Market Cap $20 Billion

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Dan Held Expressed: Total wealth of US billionaires = $3 trillion.

If we confiscated all of their wealth, we’d only be able to run the federal government for less than 6 months. Perhaps our problem isn’t how much billionaires have but how much politicians spend.

Community Response:  Brilliant observation.  Total wealth of US billionaires = $3 trillion. Shiba Inu market cap = $20 billion. Still early.  +589 trillion tokens requires a lot of burning over the next millennium. Still early.

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That’s 100% our problem and anyone that tells you otherwise is pandering.

Who’s saying confiscate their money.  No one.  Just be nice if they paid a higher effective tax rate than the regular Joe.

Sure and I agree but we would only get enough taxes out of them to run the government for like two weeks.

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There are like 100 billionaires. The fact that so few people have wealth that could fund the entire US government, everything included, for 6 months is sort of a problem.

Nope, you’ve missed the point entirely.

If government spending was less, it would only mean that these individuals could fund it for even longer. How does that make it better?

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The point is that government is a machine designed to reward inefficiency and failure. Literally every dept in the gov burns resources at the end of the fiscal year so they don’t get a reduced budget the following year.

Have you ever worked in a business with a budget? Happens all the time.

Businesses subject to the free market cannot do this ad infinitum as the government can, a very notable difference, and when a private business makes bad financial decisions in that case, because I am not footing the bill.

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It is, but I suspect you are confused as to the source of the problem.

You are way off if that statistic.  The government money printer destroyed the natural mechanism of capital allocation. And still there are groups who are thinking that the government can solve every problem on earth. It’s time to take them their printing machine away.

“Your problems are not caused by someone else being a billionaire”

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Not everyone can be a billionaire. So actually, it is. Competition for wealth, yeah, but we don’t need to have loosers in that system. The system of the future will allow people to opt of even playing the game, and still survive.

It could also be both. Why target one thing vs a broad and sweeping solution?

What if we take their money and yield farm with it?  You want to take their money so you can make money for yourself then? And then, when you become the rich one, what happens then?

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Not to mention in order to do that you will need to liquidate their companies where the residual value lies. This would effectively shut down things like Tesla and Amazon. They just keep spending though.

Should anyone in a civilized society have this much power (political influence) without accountability?

But also, the world’s 2000 billionaires have as much wealth as the poorest 4 billion people.

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Shiba Inu restarts bull run as global tailwinds take over

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  • Shiba Inu has curbed the downtrend with a pickup in buying volume.
  • SHIB price looks bullish with a possible return to $0.00004490. 
  • Expect a possible start of an uptrend towards $0.00008373 if current tailwinds  persist.

Shiba Inu (SHIB) price has been under pressure over the weekend and accelerated its downtrend due to the spillover effect from the Bitcoin flash crash. SHIB price then bounced off the monthly S1 support level, however, and created a bullish knee-jerk reaction, reversing most of the incurred losses from the weekend. The short-squeeze could see SHIB price return, first to  $0.000004490, and then on the back of a global recovery, perhaps all the way back up to $0.00008373.

SHIB price sees bulls squaring incurred losses

Shiba Inu price sees bulls playing the global recovery story as the bear run was halted at the monthly S1 support level near $0.00003000, and the red descending trend line just below.. Expect bears that came too late to the party to now lick their wounds as the bullish knee-jerk reaction squeezes them out of their positions.. As global equity markets are recovering their losses from last week, more and more bears will be pushed out of their positions, obliged to revert to the buy side and square their losses.

This will result in SHIB price picking up steam to the upside, which will attract more investors to the price action and could easily see bulls reversing the fully incurred losses from past weekend towards the 61.8% Fibonacci level at $0.000004490. Bulls might face some resistance around that level as the 55-day Simple Moving Average (SMA) is hovering just above that 61.8% Fibonacci level. Current tailwinds look quite sound, expect further upside potential towards the 50% Fibonacci level at $0.00005690.

SHIB/USD daily chart

SHIB/USD daily chart

Expect bulls to further add to the rally as more technical levels get cleared, with equity markets pushing to new all-time highs and lifting investment sentiment. By the end of next week, SHIB price could be at $0.00008373, or the 23.6% Fibonacci level. If market sentiment flips back to the downside, expect bears to try and push price action below the red descending trend line with considerable support at $0.00002000 where the 200-day SMA is located.   

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