Most Read from Bloomberg
The growing clamor for Robinhood Markets Inc. to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs.
The SHIB token, as it’s known, has risen 13% in the past 24 hours, according to data from CoinGecko. It is currently the 11th-biggest crypto with a market value of nearly $24 billion.
A petition on Change.org asking Robinhood to list Shiba Inu — a Dogecoin-inspired meme cryptocurrency — now has more than 326,000 signatures. On the company’s earnings call Tuesday, Robinhood Chief Executive Officer Vlad Tenev said it’s “carefully” considering adding new coins to its offerings.
“We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,” Tenev said.
Coinbase Global Inc. added the token last month.
Crypto has become more critical to Robinhood’s growth. Last month, the brokerage said it planned to offer crypto wallets, a tool that allows investors to send and receive digital currencies. The waitlist for that product has topped 1 million customers, the company said previously. According to its last filing, 64% of crypto revenue came from Dogecoin.
Trading in Shiba Inu has been volatile on its way up. The crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin. In a follow-up tweet, he said he had bought Bitcoin, Ether and Dogecoin, and “that’s it.”
Most Read from Bloomberg Businessweek
©2021 Bloomberg L.P.