Popular brokerage firm Robinhood listed Shiba Inu (SHIB) for its users. After months of rumors about this mention, the platform made it official via its official Twitter trade.
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In addition, the platform announced a $ 100,000 Crypto Gift to encourage Shiba Inu (SHIB) adoption. Users have a chance to win a share of the prize by interacting with Robinhood via Twitter.
We released new crypto
And we’re giving away $ 100K of it. Quote tweet this tweet with your Robinhood username (@included!) To get something #RobinhoodCrypto
The first 10K quote tweets will receive $ 10 from SHIB. pic.twitter.com/0jsBKYfJvw
– Robinhood (@RobinhoodApp) April 12, 2022
The announcement had a positive impact on the price of SHIB and the prices for Solana (SOL), Polygon (MATIC), and Compound (COMP). Immediately thereafter, the cryptocurrency began an upward trend from its annual low.
CoinGecko data indicates that at the time of writing, SHIB was down from $ 0.000002000 to $ 0.00002680. This represents more than a 20% increase in the last 24 hours compared to a gain of 1% in the past week.
As expected, with the price hump, the cryptocurrency experienced an increase in volatility and its trading volume. This can create dangerous conditions for market participants.
Research firm Santiment is registering a 30% pump for Shiba Inu (SHIB), making it the best performer of the crypto currently on Robinhood. Santiment remarked,
Shiba Inu, Solana, Polygon and Compound were all mentioned on #Robinhood today. Notably, $ SHIB saw the largest increase in interest, with a + 30% pump. Trading volume is high, and all four of these assets should be expected to have very high volatility.
Additional data provided by Material Indicators (MI) record an increase in buying pressure from retail investors (yellow in the table below) and from investors with bid orders of around $ 100,000. The latter seems to exert great influence over the price action of SHIB.
Other investor classes (in green and red) with smaller order orders have sold out in SHIB’s current rally. In the short term, large investors should push the price to around $ 0.000028 to possibly see an expansion of the bullish momentum.
Shiba Inu (SHIB) To see launch of more use cases
In support of the Bulls, the team behind Shiba Inu announced the launch of the first phase of their Metaverse project. This stage is called Bid Event and will enable LEASH and SHIBOSHI holders to become early investors.
To participate, users need to connect their wallets to the SHIB.io website. In addition, the community will see more use cases for SHIB.
Related Reading | Shiba Inu (SHIB) jumps 50% to ATH amid Robinhood rumors
As the team behind the project claimed, the token will be used in its own Metaverse platform for users to perform activities, land plots to name and land lease. These use cases will burn a certain amount of SHIB that could contribute to the bullish momentum.