Shiba Inu Rallies by 35% As Robinhood Adds SHIB, SOL, COMP & MATIC

Key Insights:

• Robinhood Crypto added Shiba Inu, Solana, Compound, and Polygon tokens to its list.
• SHIB consequently led the market rally with a 35% rise.
• Investors looking to jump in must be wary of Shiba Inu’s volatility.

As crypto adoption grows, we witness the rise of blockchains and Decentralized Finance (DeFi) protocols which have an impact on the growth of the crypto space.

But then again, others, such as Shiba Inu, happen to get caught in the bullish crossfire and reach where it is today. And what happened today is all thanks to another emerging platform, Robinhood.

Shiba Inu on the Charts

Robinhood Crypto, a rising cryptocurrency exchange, added four new tokens to its list of tradable assets. The ones to make the cut included Shiba Inu, Solana, Compound, and Polygon’s native tokens.

As the announcement came to light, it took less than a few hours for the hype surrounding the news to reflect on the assets’ price action, and as always, Shiba Inu was the first to react. Not only was it the first but also the most to react.

Within the day, SHIB began climbing the charts, and in less than 2 hours, its price shot up by almost 36.88% at one point. However, it came back down soon after to close on a 15.8% rise, and in doing so, it negated the 9% fall in price from the day before.

 

Nevertheless, apart from SHIB, all the other assets ended up performing disappointedly. The only coin out of the four, other than SHIB, that fared well was the DeFi token Compound which maintained a 5.22% rise of the 10% ceiling.

Trading at $123.2, it did not manage to recover the fall from yesterday but traded better than the likes of Solana and Polygon.

SOL on the daily chart did not do any wonders despite the expectations investors had from it, as the token failed to maintain more than 1% of the rise today.

And Polygon’s MATIC, too, observed a similar movement since the broader did not play in the altcoin’s favor. Whether or not they manage to perform better tomorrow is a different thing.

Shiba Inu on the Cards

Naturally, since the meme coin marked such a huge rally, it is bound to notice increased interest from investors. Before that happens, it is important to know that this rise was not organic since the broader market is still exhibiting bearish cues.

And to add to that, the volatility of SHIB also went up with the price, making it further susceptible to price swings. Thus, those looking to enter the SHIB market now should watch out for these signals before making a decision.