Shiba Inu Price Update As Petition To List the Crypto on Robinhood Hits 450,000 Signatures

A petition to list the Shiba Inu cryptocurrency token on the Robinhood online trading platform has received over 450,000 signatures.

The figure comes amid a fresh wave of interest in the dog-themed memecoin due to a sharp rise in price last week.

Shiba Inu was up more than 86 percent over the seven days as of around 4:45 a.m. ET on Monday morning, having jumped to new heights last week when it reached a record price of $0.000088.

The token has since dropped away from that record high, at one point falling to less than $0.00006, but as of Monday morning it was worth just over $0.000071 and preserving a good amount of its weekly gains.

It is hard to tell how long this will last. Cryptocurrency prices are notoriously volatile and experts have previously warned Newsweek about the risks and dangers associated with investing in them.

In any case, the petition to list Shiba Inu on Robinhood, titled 'Kindly request of Robinhood to list Shiba Inu coin!', has received tens of thousands of new signatures over the past few days.

Tristan Luke, who started the petition, wrote in a update over the weekend after a 420,000-signature milestone had been hit: "I think this qualifies as a success. Way to go you guys. Really amazing."

Yet despite the petition's popularity, it has yet to achieve its main goal: persuading Robinhood to allow its users to trade Shiba Inu tokens.

A listing on Robinhood would mean Shiba Inu is exposed to the platform's 18.9 million monthly active users.

Dogecoin—perhaps the world's best known dog-themed cryptocurrency meme token—was added to Robinhood way back in 2018, long before its meteoric rise in price earlier this year. The platform also lists six other cryptocurrency tokens for trading.

However, the company has indicated that it wants to wait for more regulatory clarity before adding new coins to its platform, Reuters reported last week.

Mati Greenspan, a cryptocurrency analyst at Quantum Capital, told the news agency that by reducing due diligence a cryptocurrency exchange "could end up accidentally listing useless coins, or even scams".

As of Monday morning Shiba Inu was listed ninth on CoinMarketCap's list of cryptocurrency tokens by market capitalization, ahead of Dogecoin in tenth. Until recently Dogecoin had been well ahead.

Shiba Inu has a market cap of around $39 billion. Dogecoin has a market cap of around $35 billion.

Robinhood app
A photo shows the Robinhood app logo on a phone screen, taken in California on September 15, 2021. The trading platform has yet to list Shiba Inu. Smith Collection/Gado/Getty