Both Robinhood and Shiba Inu’s prices are dipping in the indices but despite the fall, SHIB’s market cap is growing while Robinhood’s is plummeting. Shiba Inu’s market cap has now grown 60% larger than Robinhood and the gap is widening each passing day. While Robinhood’s market cap stands around $10 billion, SHIB’s market cap grew to $16 billion.
In January, Robinhood’s market cap was $14.8 billion while SHIB’s was $18.5 billion. The numbers have drifted further apart and Robinhood is now in murky waters.
Robinhood shares seem to be plummeting like a pack of cards as it dipped -9.33% yesterday reaching new weekly lows. Its shares are now trading at $12.5 from its initial public offering of $38 in July 2021. Almost every early investor in Robinhood is facing losses as its down -67% from its IPO price.
The top trading platform’s Q3 filings were a disaster. Its crypto revenues dipped drastically from $231 in its Q2 filings to $51 in its Q3 filings in 2021. The majority (61%) of its Q2 revenues came from Dogecoin alone, but the meme-token failed to spiral upwards in price.
Dogecoin’s hype fizzled out eventually making way for newer meme-coins to rule the market. Investors moved away from Dogecoin as it failed to deliver growth during the second half of 2021. Therefore Robinhood’s crypto revenues saw a dip and the trading volume dwindled throughout the year.
The leading exchange is struggling to claw back to its previous all-time high of $85. It is highly unlikely it will breach its ATH this year. To return to its previous glory, Robinhood needs to gear up and do something different which they’ve never dared before. If not, their market value will slip right under their feet as there’s heavy competition in the market.
Hey Robinhood, When Shiba Inu?
Robinhood can stand a chance to increase its revenues if they decide to list Shiba Inu on their platform. Almost all leading exchanges have listed SHIB and are enjoying the larger share of the revenue pie it brings to the table. Robinhood can take the larger share of the pie as it boasts of a whopping 22.4 million users.
A SHIB listing will open the floodgates of newer investors into the meme-token and can benefit both Robinhood and Shiba Inu. Also, thousands of investors are repeatedly pleading with Robinhood to list SHIB for more than six months. The demand is alive and Robinhood needs to take it to their advantage for the betterment of their revenue.
At press time, Shiba Inu was trading at $0.00002949 and is down -4% in the 24-hours day trade.