The Chief Operating Officer (COO) of commission-free trading platform Robinhood (NASDAQ: HOOD) has praised the community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) for expressing what it wants, but did not detail whether it will be listed on the platform.
During an interview for the Crypto Goes Mainstream event Christine Brown, Robinhood’s COO, was asked about investing in meme-inspired cryptocurrencies such as Dogecoin ($DOGE) and then about Shiba Inu and the community’s will to get it listed on the platform.
As CryptoGlobe reported a petition asking the platform to list Shiba Inu has already surpassed the 500,000 signature mark. The petition, titled “Kindly request of Robinhood to list Shiba Inu coin,” has at the time of writing over 525,000 signatures and is looking to get to one million. In mid-October, the petition had around 240,000 signatures.
It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. As CryptoGlobe reported, Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
Brown commented on the SHIBArmy’s interest in listing the cryptocurrency on the platform, but said she was unable to provide details on the platform’s potential listings during the interview. Instead, she noted Robinhood is a company focused on safety and working within the scope of regulators.
We think that the short-term gain to us is not worth the long-term trade-off for our users. We want to make sure that we are working and assessing everything from a regulatory perspective.
The popularity of Shiba Inu has surged over a retail trading frenzy that saw its number of token holders surpass 900,000, according to Etherscan data.
It’s worth noting the 900,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.
As CryptoGlobe reported, the meme-inspired cryptocurrency has become the third-most Googled cryptocurrency so far this year, with 2.8 million average monthly searches. Bitcoin, in comparison, has 22 million average monthly searches while Ethereum has 6.3 million.
Notably, digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
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