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Robinhood Might Not Add SHIB Soon, Here’s Why

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Robinhood might wait for better times to add SHIB and other altcoins, according to a recent report

According to a recent story by Reuters, the long-expected listing of SHIB token by the Robinhood app may not occur soon for the following reason.

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DOGE versus SHIB

The second-largest and most popular meme cryptocurrency, SHIB, has staged a massive rally this month, skyrocketing as high as 1,000% and flipping Dogecoin. On Thursday, SHIB grabbed 8th place on the CoinMarketCap scale, leaving DOGE behind in 10th place.

By now, however, SHIB has been thrown back to 10th place, with Dogecoin sitting in 9th place.

The difference between the market caps of SHIB and DOGE is not that much: $38,173,032,987 versus $38,528,960,047.

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Robinhood is not breaking its neck to list SHIB, here’s why

The SHIB army is not demanding on Twitter to get SHIB listed on the Robinhood app. But the petition on Change.org, requesting the same, has been signed by almost 400,000 users now.

Robinhood has lower trading fees on platforms like Coinbase and other crypto exchanges, so if/when Shiba Inu is listed on the former, it is likely to boost the trading volume of the coin and attract a lot of new investors.

However, the management team of Robinhood is not in a rush to list any new altcoins, including SHIB, since they are waiting to get more regulatory clarity regarding any new coins they may add support for.

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Dogecoin, however, is already trading on the platforms and saw its transaction volume go up a whopping 62% in Q2 of this year.

Risks for Robinhood for listing SHIB

Head of Quantum Capital Mati Greenspan believes that there might be certain risks to Robinhood listing SHIB. Other altcoin investors may pick other meme coins in the future for fast gains, including FLOKI and BabyDoge. Crypto platforms will have to “stay on their toes to keep their clients happy,” according to Greenspan.

Also, the analyst says, exchanges would have to ease the process of listing new coins, and eventually they may start adding totally useless coins to their trading lists.

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The expectation of SHIB getting listed on Robinhood soon has been fueling the coin’s recent massive rally, despite even Elon Musk rejecting the coin. However, many in the SHIB army believe that the coin has been rising without Robinhood and certainly without Elon Musk, unlike DOGE.

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Shiba Inu Price Analysis: The SHIB Token Drops To The 0.618 Fibonacci Retracement Level; Will This Rally continue now?

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The correction phase in the SHIB token took its sweet time to stabilize our famous meme coin. The token price has been dropped to the 0.618 FIB level, which has the potential to provide strong support. Over the past week, the token price was also subjected to some positive news, which has captured the attention of several crypto investors.

Key technical points:

  • The SHIB token price obtains dynamics resistance from the 20-day EMA
  • The intraday trading volume in the SHIB token is $2.35 Billion, indicating a 41.5% gain

TradingView Chart

Source- SHIB/USD chart by Tradingview

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As mentioned in my previous article on SHIB/USD, the token price gave a bearish breakdown from the symmetrical triangle of the 4-hour time frame. This pattern pushed the token price back to the crucial support of $0.35.6, which also holds a great confluence with other technical levels.

These technical levels are 

  • A strong horizontal support level of $0.356
  • The presence of the 0.618 FIB level
  • The 100 EMA line soon be reaching the token price

The crucial EMA levels(20, 50, 100, and 100) still maintain an uptrend in this token. The Relative Strength Index(43) suggests a bearish trend within this token. However, the RSI line also projects a bullish divergence, indicating the bears are trying to take control over the token.

SHIB/USD Chart In The 4-hour Time Frame

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TradingView Chart
Source- SHIB/USD chart by Tradingview

Above I have explained the importance of the bottom support level and it is also understandable that a breakout from this level, would create a significant impact on the SHIB token price. 

The weekly announcement for Shiba Inu(SHIB)

  • Newegg, the Electronic Retail giant, has officially announced on their Twitter page that they would be accepting the SHIB token as a payment in.’
  • The SHIB token surpasses the 1 million wallet holders milestone.

Thus, in case the price bounces back from this support level. The crypto trade can notice the 20-day EMA line, and a descending trendline provides dynamic support to the price. Once the price breached this level, the long trader would get an excellent confirmation for the long side.

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Shiba Inu finds new friend in Newegg, as online retailer confirms it will accept the token

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Meme coin Shiba Inu is determined to prove its dominance in the space and it has done so successfully, so far anyway. From being accepted as a method of payment by prominent companies such as AMC Theaters, to being the first meme coin to get a listing in South Korea, the altcoin has had a good run.

Its community has grown tremendously in the past few months and support has not faltered. Even Shiba Inu pups (i.e. other lesser-known, dog-themed coins ) have surged in market value.

Shiba Inu has a new friend

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Electronics retailer Newegg just recently tweeted about its much-anticipated collaboration with Shiba Inu. As per the announcement, it will accept Shiba Inu, the second-biggest canine cryptocurrency in the market. The tweet below sheds light on the news.

Both parties and their executives acknowledged the partnership in a tweet. The timing of this news is certainly an interesting one.

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It all started with just rumors where the SHIB’s community was bewildered by the #friendshib hashtag posted by the official Twitter account of the meme cryptocurrency. Rumors about Newegg adding Shiba Inu to its list of available cryptocurrency payment options started doing the rounds last week.

Indeed, this turned out to be a reality. Newegg, the leading tech-focused e-retailer in North America has become quite a name within the crypto community. At present, Newegg supports around 11 cryptocurrencies. Earlier, it even lent support to the daddy canine coin, DOGE.

Well, this news could be the catalyst required for SHIB to recover from its losses. Surprisingly, this certainly was the case. Despite trading in the red zone over the week, at press time, it surged to more than 5% in 24 hours. SHIB was trading at the $0.00003 mark, at the time of writing.

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Source: CoinMarketCap

Furthermore, the flagship token has achieved some remarkable feats over a couple of weeks. Of late, it proved to be the top dog as it surpassed the one million holders milestone.

Further, the SHIB community was rather quick to celebrate the said update on Twitter. In fact, Shiba Inu has dominated social media conversations since the digital asset found its way into the limelight a couple of months ago.

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This Whale Bought 35 Billion SHIB While Market Was Crashing

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Some whales are joining “buy the dip” sentiment by purchasing some SHIB.

During the market sell-off, short-term traders have dropped their positions and exited most markets. The smaller altcoins have experienced a greater loss compared to Bitcoin, including Shiba Inu and Doge.

Shiba Inu market performance

During the global market correction, Shiba Inu lost 16% of its value at the peak but then, shortly after, recovered back at a 10% daily loss, which correlated with Bitcoin’s market performance.

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Following yesterday’s sell-off, Shiba Inu gained approximately 30% in one day but then dropped back at 15% daily profit. The token has been moving in a short rangebound since Nov. 26 and has not yet broken through either border of it.

While some whales buy a significant amount of Shib, the market does not seem to react in any way. The volatility of SHIB token remains low as both buying and selling pressure is reduced according to the volume indicator.

Whales are buying more Shib

Before the cryptocurrency market crashed by more than 10% in one day, the 1,000 largest Ethereum wallets dropped more than 8% of their Shib holdings by entering into USDT and other stablecoins on the Ethereum chain.

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Shiba Inu Transaction
Source: Whalestats

Currently, whale holding has increased back to pre-correction levels with approximately $1 billion worth of holdings remaining on whale-tier wallets at press time. Shiba Inu’s price does not seem to react in a positive way, while the token trades at $0.000038 and 0.72% growth in one day.

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