It was important for any new cryptocurrency to get listed on esteemed, giant exchanges to reach a wider community. However, when Shiba Inu was listed on Coinbase, it may have helped it create more value in the last quarter of 2021.
Shiba Inu and Q4 2021
The last quarter of 2021 was filled with volatility with prices of major cryptocurrencies and meme tokens swinging high and low. October 2021, contributed to driving the price of the largest asset Bitcoin to $65,000, following which in November it hit an all-time high of $69,000. Given the strong correlation established between Bitcoin and altcoins, it was only a matter of time Shiba Inu’s value also hit an all-time high of $0.000088 on October 28.
Coinbase listed the meme token at the end of the third quarter in September. Following the listing, the SHIB Army could not contain the hype and we witnessed a strong rally along with the Bitcoin market. According to Needham analyst John Todaro, this rally propelled by Shiba Inu could have raised Coinbase’s Q4 revenue and earnings estimates.
In fact, the trading volume was driven high on Coinbase mainly due to SHIB’s rally, as per Todaro. It helped the Coinbase App reach the number two ranking by downloads for the week that ended October 15, 2021.
The analyst reportedly added,
“This occurred only one other time in 2021 when the Coinbase app hit that ranking in Q2 ’21, the current highest volume qtr for Coinbase.”
However, November and December dragged the value of most crypto assets down. Even Todara took down his estimate for retail trading fees citing low volatility in the last two months of 2021 which also indicated lower retail activity.
Robinhood, are you seeing this?
The only agenda for the Shiba army right now is to get their favorite meme coin listed on Robinhood. Although given the lack of regulatory clarity in the United States, the platform has put a halt on any such listings. Nevertheless, looking at Coinbase’s progress, Robinhood could be helping itself by listing Shiba Inu.
Why? The trading app, Robinhood Markets inc., reported underwhelming quarterly results. This did not help with its already dwindling stock value. While the fad of some cryptos comes and goes, Shiba Inu is presenting itself to be different. But it may not be enough, as Robinhood has only seven cryptos listed at the moment and they were major crypto assets and Dogecoin. Guess, that’s why SHIB cannot wait to get on Robinhood and challenge Dogecoin, after all, it was meant to be a “Dogecoin killer.”
Coinbase Global Inc. announced publishing its fourth quarter and full-year 2021 shareholder letter on 24th February. It would be clear then whether and how much of an impact did Shiba Inu listing make for the exchange.