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Since min-January, Shiba Inu has started creating a much-expected wedge pattern for the bullish run. Although the coin was trading below the two contracting trendlines, it indicated an upside break once the price closes above the structure's upper trendline. This bullish trend was triggered by speculations around Robinhood listing SHIB tokens as early as February. But finally, after six months of aggressive lobbying by its members, Robinhood has listed the Shiba Inu cryptocurrency for trading. And the crypto is soaring as a result.
The launch of the meme coin Thursday was part of a larger expansion of the trading app's crypto offerings. Solana (SOL), Polygon (MATIC), and Compound (COMP) are also now listed on the site. Each of the tokens was up sharply in early trading Tuesday. Shiba Inu was up more than 21 percent as of 10:00 a.m. ET. Solana saw gains of 5 percent. Compound jumped nearly 7 percent. And Polygon's value was nearly 8 percent higher.
"We're excited to add more choices for our customers," said Steve Quirk, chief brokerage officer at Robinhood in a statement. "We have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform."
News of the additional offerings comes days after Robinhood made its crypto wallet available to 2 million waitlisted users, allowing them to more directly interact with cryptocurrencies. Members can use the wallet to buy NFTs and send crypto to other crypto traders with no withdrawal fees, but it can't hold NFTs and is limited to cryptos that Robinhood trades. In addition to today's additions, the platform allows users to buy and sell Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Shiba Inu is an ERC-20 token on the Ethereum network, which enables the developers to build the ShibaSwap DEX and combine other tokens and NFTs into the platform's ecosystem. The maximum supply of Shiba was set to 1 quadrillion tokens, which is much higher than most cryptocurrencies. The expansive token size caused Shiba's price to be much lower than most assets with similar market capitalizations.
According to enthusiasts, two major factors besides the retail run are triggering the price of Shiba Inu. Currently, SHIB is operating on Ethereum. Fortunately, the cryptocurrency is planning to unleash its blockchain or layer-2 solution. By doing so, Shiba Inu will be able to eliminate the high cost that investors have to bear while trading on the Ethereum network.
On the other hand, investors are also going berserk about Shiba Inu entering the Metaverse space. Although it is still speculation, the memecoin world seems to be interested in the move. The cryptocurrency recently announced on social media that it will unleash 'Shiberse' this year.
What is the long-term projection? Will the price bounce back? Will the Shiba Inu coin future see its target price of US$0.001? Algorithm-based forecasting services gave moderately bullish SHIB predictions.
The Shiba Inu price prediction from DigitalCoin expected the price to rise more slowly based on historical data, projecting that Shiba Inu's target price would be US$0.000033 in 2022 and US$0.000053 in 2025, averaging US$0.000126 in 2030.
It's important to keep in mind that cryptocurrency markets remain extremely volatile, making analysis difficult to predict accurately what a coin's price will be in a few hours and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can get their SHIB price prediction wrong.
It is highly recommended that you always do your research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. And never invest more than you can afford to lose.
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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