Trading volume of meme-inspired cryptocurrency Shiba Inu ($SHIB) has exploded to the upside shortly after it was listed on commission-free trading platform Robinhood along with Polygon (MATIC), Compound (COMP).
According to data shared by on-chain and social analytics platform Santiment, Shiba Inu’s trading volume shot up after the listing as the cryptocurrency’s price surged.
As CryptoGlobe reported, a petition for the meme-inspired cryptocurrency to be listed on Robinhood surpassed half a million signatures last year as the SHIArmy rallied to improve SHIB’s liquidity. The petition had around 240,000 signatures in mid-October.
It was mentioned that Robinhood listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency that was a “huge hit” for the trading platform. Dogecoin’s listing has been very positive for the company as its earnings have surged on a DOGE trading frenzy seen this year.
The listing was hailed by the Shiba Inu community as a whole, but apparently did not prompt long-time holders to liquidate their holdings, as addresses holding SHIB for over a year have seen their balances rise by 57% in the last 30 days has increased , according to IntoTheBlock data.
Win Diamond Hands$SHIB Hodlers has remained undeterred and has been piling up over the past few weeks, and that’s paying off with today’s Robinhood announcement
– Addresses with SHIB >1 year increased their balance by 57% in just 30 days
– They now hold 2.82% of the supplyhttps://t.co/zAGHgiM8Qo pic.twitter.com/iwkGVVzMx9— InTheBlock (@intheblock) April 12, 2022
Robinhood’s SHIB listing also came with a $100,000 giveaway in the meme-inspired cryptocurrency, further fueling SHIArmy engagement. Remarkably, the listing comes at a time when Shiba Inu’s shibarium is moving into beta testing.
Shiba Inu developer “kaaldhairya” recently shared an upgrade of what he’s currently working on for SHIB, while noting that the project’s decentralized exchange is getting “new ways to earn” and that the upcoming Burn portal will give users the earning of rewards should allow.
It is worth noting that Shibarium is a layer two network built on top of the Ethereum blockchain to support the Shiba Inu ecosystem. It’s said to “enable fast, low-cost transactions optimized for gaming.”
The developer also mentioned the project’s stablecoin SHI, saying it is “in development” and asking the cryptocurrency community to vote on their preferred collateral for it.
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