Popular brokerage firm Robinhood listed Shiba Inu (SHIB) for its users. After months of rumors about this listing, the platform made it official via its official Twitter handle.
Related Reading | Robinhood To Roll Out Crypto Wallets To 1,000 Users In Phase One
In addition, the platform announced a $100,000 crypto giveaway to incentive Shiba Inu (SHIB) adoption. Users have a chance at winning a portion of the price by interacting with Robinhood via Twitter.
We dropped new crypto
And we’re giving away $100K of it. Quote tweet this tweet with your Robinhood Username (@ included!) to get some #RobinhoodCrypto
The first 10K quote tweets will receive $10 of 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 after, the cryptocurrency began an upward trend from its yearly lows.
Data from CoinGecko indicates that SHIB rose from $0.00002000 to $0.00002680, at the time of writing. This represents more than a 20% increase in the last 24-hours compared to a 1% profit in the past week.
SHIB rallying on the 4-hour chart. Source: SHIBUSDT Tradingview
As expected, with the price bump, the cryptocurrency experienced an increase in volatility and its trading volume. This could provide dangerous conditions for market participants.
Research firm Santiment records a 30% pump for Shiba Inu (SHIB) making it the best performer of the crypto listed today on Robinhood. Santiment noted:
Shiba Inu, Solana, Polygon, and Compound were all listed on #Robinhood today. Notably, $SHIB saw the biggest 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.
Source: Santiment via Twitter
Additional data provided by Material Indicators (MI) records an increase in buying pressure from retail investors (yellow in the chart below) and from investors with bids orders of around $100,000. The latter seems to be exercising great influence over SHIB’s price action.
Other investors classes (in green and red) with smaller asks orders have been selling into SHIB’s current rally. In the short term, large investors need to push the price to about $0.000028 to potentially see an extension of the bullish momentum.
Large investors (in purple below) buying SHIB’s current rally. Source: Material Indicators.
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 stage of their Metaverse project. This stage has been dubbed Bid Event and will enable LEASH and SHIBOSHI holders to become early investors.
In order to participate, users must 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 their native Metaverse platform for users to perform activities, rename land plots, and lease land. These use cases will burn a certain amount of SHIB which could contribute to the bullish momentum.