Rumors have been spreading on Twitter that Robinhood will list Shiba Inu, the thirteenth largest cryptocurrency with up to $17 billion market capitalization. This news caused a 30% price increase in Shiba Inu last Thursday, January 13.
Shiba Inu’s rise comes amid a cryptocurrency recovery. Bitcoin rose to $43,000 on Wednesday as Federal Reserve Chairman Jerome Powell said the government would take action to curb inflation in the coming months.
SHIB closed above the top of a falling wedge earlier on Thursday, reaching a high of $0.00003290. The upward movement has fueled expectations that the altcoin will continue to rise in the coming sessions. Analysts at Fiery Trading note that the ongoing bullish pullback will further strengthen altcoin’s upward slope.
Although the Shiba Inu was considered a risky investment in the past, with its value shooting up due to speculation, Vladimir Kardapoltsev shared his thoughts on the currency’s long-term prospects with several reputable news portals, such as CoinTelegraph, Cryptonews and FXStreet.
The Shiba Inu has a good chance of increasing in value in 2022. Investors should consider several factors that could affect the price of SHIB over the next few years. The layer-2 blockchain Shibarium, the video game Oshiverse, and the cryptocurrency swap site ShibaSwap are driving SHIB’s value higher and giving it an edge over Dogecoin, which remains a meme coin game despite recent development.
The average holding period for Shibacoins needs to be drastically increased to counteract the negative perception of Shiba Inu. ShibaSwap provides this incentive to increase the typical holding period, which can minimize price fluctuations for the regular Shiba coin. It is worth noting that in just over five weeks, the average holding period for Sheba coins on Coinbase Global has increased from six to 32 days.
The Shiba Inu has earned even more fans lately, which has driven up prices. The passionate Shiba Army, whose members include over 1 million holders based on Etherscan wallet addresses, has fueled its boom along with Elon Musk’s tweets.
Vladimir shared his opinion with CoinTelegraph:
“There are several critical criteria that investors and potential buyers should consider when determining the price of SHIB in 2022. Shibarium, the gaming video game Oshiverse, and ShibaSwap have all contributed to Shiba Inu’s surging pricing, placing it ahead of competitors such as Dogecoin, which is still a meme currency play with minimal development.”
For months, the community asked the Robinhood exchange to list Shiba Inu. Still, the company’s top executives have not made a definitive statement about listing the meme token on the Robinhood exchange. The company’s CFO recently explained that as a publicly-traded company, it needs to have clarity on regulation before it can list a new coin. According to Robinhood’s co-founder and CEO, Vlad Tenev, “I think it goes back to safety first. We are not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria.”
However, with plans to expand the Shiba Inu ecosystem with new products, the meme token still has the potential to grow in the long run. Let’s see what 2022 will bring for Shiba Inu and the crypto market in general.
You can read the full article on CoinTelegraph, Cryptonews and FXStreet.
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