Apetition calling for the Shiba Inu (SHIB) cryptocurrency to be listed on trading platform Robinhood has become one of the most popular on Change.org.
A Change.org spokesperson told Newsweek on Tuesday that the petition ranked as the 10th largest U.S. petition for May.
The petition was created by a user named Tristan Luke three weeks ago, with a current goal of 150,000 signatures. At the time of writing, the petition has garnered nearly 86,000 signatures.
Luke created the petition as the Shiba Inu cryptocurrency was experiencing a huge surge in its value. Between May 7 and May 10, the coin increased in value from around $0.000001 to $0.000038—an all-time high—figures from CoinMarketCap show.
Shiba was created in August, 2020, by an anonymous individual known as “Ryoshi.” It is modelled after the meme coin Dogecoin, which was originally started as a joke but has since come to be seen as a legitimate investment opportunity by some.
Experts have previously told Newsweek that investing in cryptocurrency is highly risky due to its volatility.
Dogecoin, which was listed on Robinhood in July, 2018, is based on the Shiba Inu dog from the Doge meme.
The Change.org petition created by Luke “kindly” requests Robinhood to list Shiba Inu as a cryptocurrency that can be traded.
“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride,” the original petition description posted to Change.org three weeks ago reads. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks.”
It goes on: “Half the questions when we log into trading forums ask, ‘How can I buy Shiba?’ Let’s encourage Robinhood to be the first traditional brokerage to get on this train. Thank you.”
The Shiba Inu cryptocurrency can currently be exchanged on platforms including ShibaSwap, Binance, Crypto.com, Kucoin, CoinBene, Huobi, Probit Global, CoinDCX, OKEx, WazirX, Huobi, and OKEx.
Being listed on Robinhood would be a boost for the cryptocurrency. The American financial services company provides a free app which boasted 13 million users as of 2020, according to Robinhood CEO Vladimir Tenev.
The company was founded in 2013 by Tenev and Baiju Bhatt. It allows investors to trade stocks, cryptocurrencies, and other products, without having to pay commissions or fees.
Since Luke’s petition was posted, Shiba Inu’s value has fallen significantly from its all-time high and is currently trading at around $0.000009. Nevertheless, it is still up by around 445 percent over the past month. Shiba Inu’s market cap is currently around $3.5 billion.
The cryptocurrency market as a whole slumped in May, with its most-valuable asset, Bitcoin plunging to as low as $30,000 on May 19, having started the month at around the $57,000 mark. Since the May slump, the Bitcoin price has recovered slightly, standing at around $37,000 at the time of writing.
The price of cryptocurrencies can be highly volatile. Andreas Park, associate professor of finance at the University of Toronto, told Newsweek in April that the volatility of cryptocurrency tokens is “staggering” and said “it is entirely possible that many of these assets will disappear within a few years.”
Original Source : newsweek.com
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