TL;DR Breakdown
- The Shiba Inu (SHIB) community is petitioning Robinhood for listing. So far, the petition has attracted 254,000 out of the 300,000 signatures it seeks.
- The petition follows a similar one it successfully lodged with Coinbase last month. Coinbase’s listing has helped shore up SHIB’s price and market capitalization.
The Shiba Inu (SHIB) community is ramping up pressure on Robinhood to list the token. The group has so far collected 253,763 votes out of the 300,000 that it’s pushing for.
The SHIB community petition becomes one of the most signed ones on the Change.org platform. It is the brainchild of Tristan Luke.
Luke’s petition is one of the many efforts the community uses to push for SHIB’s recognition. Besides listings on major exchanges, the initiative also pushes for the token’s adoption as a payment option. They’re targeting online shops for the latter.
And judging by the response, the token’s community is on to something huge. All indicators point to Robinhood accepting their request.
SHIB looks to build on Coinbase momentum
Should the initiative succeed, the token will have achieved another milestone. It’ll build on the community’s other recent win. Last month it successfully petitioned Coinbase to list it. And they did so with much fewer numbers; 41,406 signatures.
Coinbase’s listing transformed the token’s fortunes positively. According to CoinMarketCap, the token’s daily trading volumes shot up from $0.5 billion to $ 2.0 billion within 24 hours. Additionally, the token appreciated by 200% since the listing.
Shiba Inu is an offshoot of another popular meme coin, Dogecoin(DOGE). Like many other meme coins, it’s looking to bank on DOGE’s wave of popularity to list on Robinhood successfully.
The Shiba Inu community is a force to reckon with in the crypto space. Its campaigns have propelled the token from near obscurity to a top 20 crypto by market cap. Its market cap stands at $10.01 billion and is growing.
The coin’s choice of Robinhood is also telling. It seeks to tap into the platform’s payment app’s growing popularity in the United States. According to Robinhood, half of the app’s Q2 2021 revenue came from crypto-based transactions. A majority of this also came from transactions in DOGE.
SHIB for payments?
Part of the petition seeks the token’s acceptance on leading payments platforms. Besides Apple and Bisto, the community has sought to list on the e-Toro Exchange. Again, it’s pursuing similar recognition from the Gemini crypto exchange.
The community hasn’t concentrated its efforts on the Change.org platform. It has also extended them to the social media front. For instance, it’s carrying out a vigorous Twitter campaign on the same. There it has roped in influencers to help it champion its cause.
Another giant that the community is courting is Tesla. There’s another ongoing petition to bring SHIB to the crypto-friendly automaker. Still, in its infancy, the petition has garnered 104 signatures so far and targets the token’s acceptance in vehicle purchases.
Tesla’s support for cryptos is well documented. The firm admits that it owns significant amounts of Bitcoin. And early last year, it had announced plans to accept payments in Bitcoin.
Although it later went back on the decision, its support for digital assets isn’t in doubt. The Shiba Inu community is banking on Tesla’s and its chief executive Elon Musk’s love for crypto to get a foothold.
Musk has been a strong campaigner for meme coins, particularly DOGE. His tweets on the crypto have seen the coin’s stock rise, leading to the so-called Musk Effect. He has also shared images of his pet Shiba Inu, Floki, leading to SHIB appreciating by 30 percent.
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