Shiba Inu rallied 16% over 5 hours as Robinhood added meme coin to the trading platform

The closest Dogecoin competitor was quietly added to the Robinhood Crypto along with SOL, MATIC, and COMP.

After successfully adding seven cryptocurrencies, including BTC, ETH, and DOGE, mobile broker Robinhood is looking to expand its crypto trading platform to other digital assets. Perhaps the most awaited one was Shiba Inu, a meme coin created by an anonymous person or group known as “Ryoshi.” The petition for SHIB to be traded on Robinhood was signed by over 550,000 people.

For a long time, Robinhood refrained from listing SHIB due to its enormous volatility, which is too big even by crypto standards. In October 2021, its price skyrocketed by 240% over the week after Elon Musk tweeted the picture of a Shiba Inu dog. However, the price has been steadily declining ever since, losing all October gains.