This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
What happened
Over the last 24 hours, as of 9:30 a.m. ET today, the price of Shiba Inu (CRYPTO: SHIB) had risen as much as 24% after the token was added to Robinhood’s online investing platform. The token also appears to be rising due to an upcoming mechanism being added to the network that would burn SHIB tokens and reduce the overall supply.
So what
Robinhood announced Tuesday morning that it had added four tokens that can now be traded on the platform, including SHIB. The popular online brokerage has been slow to add tokens, largely because CEO Vlad Tenev has wanted to make sure they don’t spook regulators by adding tokens that regulators believe are unregistered securities. The four new additions bring Robinhood up to 11 cryptocurrencies available on the platform. In comparison, SoFi’s online brokerage offers 30 different cryptocurrencies for sale.
The news is good for Shiba Inu because it makes the token accessible to potentially a whole new group of retail traders who have been asking Robinhood for more tokens. The platform has more than 17 million monthly active users.
In other news, Shiba Inu is expected to add a new burning portal to its network, which will burn tokens on every transaction, potentially removing trillions of tokens from circulation, which investors hope will drive up the price. Shiba Inu reportedly has roughly one quadrillion tokens in circulation.
Now what
Both of these events seem to be boosts for Shiba Inu. More exposure to millions of retail investors on an easy-to-use trading platform could certainly lead to more purchases, while future burning could take down supply, although I am not sure how much of a dent it would make.
I’m still not interested in investing in this cryptocurrency because it doesn’t seem to have any real unique advantage other than a popular following, but these are positive developments for SHIB.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
The post Why Shiba Inu is soaring today appeared first on The Motley Fool Australia.
Should you invest $1,000 in Shiba Inu right now?
Before you consider Shiba Inu, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Shiba Inu wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Why Shiba Inu is plummeting today
- Why Bitcoin, Ethereum, Dogecoin, and Shiba Inu are down today
- Shiba Inu’s ride higher accelerates as the token surges 18%
- Is Shiba Inu ready for a bull run?
Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
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