Shiba Inu, a Dogecoin-inspired meme coin that has generated exceptional features to this point this yr, is about to cross a significant milestone, with the full variety of customers who retain publicity to the token approaching 1 million.
Supply: https://coinmarketcap.com/currencies/shiba-inu/holders/
As is obvious from the snippet above, there are 931,406 total holders of Shiba Inu’s SHIB coin proper now, with this determine having grown by almost 50 p.c over the previous 3 months. Crucially, Shiba Inu’s userbase is now approaching the psychologically vital 1 million mark. In one other vital growth, the official Twitter account of the Shiba Inu project now has over 1.9 million followers. Which means that the challenge has extra Twitter followers than Cardano, Kraken Exchange, Solana, and so on.
With year-to-date features of over 73 million p.c primarily based on the present worth of $0.00005388, it’s hardly stunning that Shiba Inu is making waves amongst buyers. As per the reporting by Bloomberg, the coin’s meteoric rise has additionally sparked elevated demand for the Shiba Inu canine:
Curiosity in Dogecoin and Shiba Inu coin has exploded. So has demand for dwelling, respiration shiba inus https://t.co/4pgC6l1lJJ through @BW
— Bloomberg (@enterprise) November 8, 2023
This brings us to the crux of the matter. In an interview with the Decrypt publication, Robinhood Crypto’s COO Christine Brown poured chilly water over the expectations that Shiba Inu’s SHIB coin would quickly be accessible on the favored brokerage platform. Whereas noting that the corporate was pursuing a extra selective technique than its counterpart Coinbase, Brown said:
“I additionally assume that our technique is a little bit bit totally different than loads of the opposite gamers on the market who’re simply racing to checklist as many belongings as doable proper now.”
She went on to notice:
“We expect that the short-term achieve we’d get is just not definitely worth the long-term trade-off for our customers.”
With out immediately naming Shiba Inu, Brown appears to have tempered expectations concerning a speedy itemizing of the meme coin on Robinhood. On the constructive aspect, this announcement has to this point not resulted in a sell-off, with Shiba Inu’s SHIB persevering with to commerce in a consolidation sample over the previous few days.
With Robinhood off the proverbial desk for now, SHIB bulls are certain to show their consideration towards Kraken Alternate which has publicly dedicated to beginning the “itemizing assessment course of” after garnering a lot of likes from the Shiba Inu group.
🐙♥️🐶 #SHIBArmy we’ve heard you loud & clear!
Neighborhood is a vital a part of our concerns for all listings, and you’ve got clearly proven your help.
There’s extra work for us to do as we transfer by way of our itemizing assessment course of.
— Kraken Alternate (@krakenfx) November 2, 2023
As a refresher, the Shiba Inu challenge’s star attraction is its native peer-to-peer crypto change, dubbed ShibaSwap. The change permits customers to “dig” or present liquidity, “bury” or stake cash, and “fetch” or swap cash from Uniswap or SushiSwap. The challenge consists of three cash: SHIB, LEASH, and BONE. SHIB is an ERC-20 token constructed on the Ethereum community. Whereas there have been initially 1 quadrillion SHIB cash, solely 549.095 trillion coins stay in circulation now, with the remainder having been largely burnt by Ethereum co-founder Vitalik Buterin. The LEASH token was initially meant to be a rebasing agent, with its worth pegged to that of Dogecoin. Nevertheless, the peg is not maintained whereas the token’s provide is capped at 100,000 cash. Lastly, BONE is a governance coin with a max provide of 250 million tokens. BONE permits its holders to vote on varied proposals essential to the longer term course of the Shiba Inu challenge.
