2021-11-7 18:45 |
The dog-themed meme coin currently enjoying much attention, Shiba Inu (SHIB) has recently sustained some losses after a massive run-up. Since setting a new all-time high of $0.000088 last week, the joke coin has plunged some 30% to trade at $0.000056.
SHIBUSD Chart By TradingViewNonetheless, the ‘SHIBArmy’ remains bullish as they expect a bounce back in the market soon. They also do not seem to be too bothered as the latest drop was largely due to derivatives market liquidations. Data from Bybt shows that within the last 72 hours, SHIB liquidations amounted to around 3.49% of the entire crypto-market liquidation of around $260.26 million as there was around $10 million in liquidations of SHIB derivatives contracts.
Likely Trigger For SHIB’s Next RallyHowever, some very bullish news may be required for the meme coin to shake up the market once again. Some market participants and observers are hoping that the magic will be provided in the form of retail investors’ favorite Robinhood listing SHIB.
The sentiment is really strong in the market and is shared by popular crypto-market tracker “WatcherGuru” and CEO of PAC Protocol David Gokhshstien who both noted that if Robinhood lists SHIB it would be highly phenomenal.
Meanwhile, despite being one of the reasons that the rumors are strong that they will list the canine-themed coin on their platform as they included it in a survey, Robinhood is yet to disclose potential plans of listing SHIB as they last stated that they were very pleased with the offerings they currently had and hence were not considering new ones.
Market expectations for Robinhood listings are still upRegardless, the market is adamantly expectant of the listing happening in November. According to one SHIB skeptic, “Cryptotunez,” the fact that November may end with Robinhood not listing SHIB could potentially be very bad for the SHIB community as a lot of expectations were hinged on it.
“Just found out all of SHIB army is expecting to be listed on Robinhood on November 1st,” he said. “Not gonna be good if that doesn’t happen. Last time a meme coin got all hyped up for an event was when Elon [Musk] went on SNL for DOGE price went -70% in 10 days,”.
While on one hand, the SHIB army is lobbying to be listed on the platform, on the other hand, Robinhood may stand to benefit significantly from listing the hyped-up meme coin. WatcherGuru noted this in a piece that outlines how listing SHIB could turn around business for the platform that just recorded poor performance in Q3.
The sleuth pointed out that in Q3, Robinhood only recorded $51 million in cryptocurrency revenue compared to $233 million recorded in Q2 during the Dogecoin (DOGE) frenzy. He adds that as the hype was “slowly fizzling out” the trading platform should consider bringing “SHIB to the rescue.”
In yet another tweet, Gokhshstien reiterated that when Robinhood finally decides to list SHIB, there will be a new wave of retail buyers.
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