There’s a new alpha in the compet of meme currency, and it’s a big deal.
Shiba inu coin has become the ninth most valuable cryptocurrency in the world surpassing dogecoin, thanks to a meteoric rise over the previous few weeks. During the previous month, it has increased by nearly 1,000 percent, and it has increased by more than 900,000,000 percent in the past year.
The origin storey: Although it comes from the same family as dogecoin, the shiba inu wants you to know that it is not the same as dogecoin. It was founded in 2020 as a “experiment in decentralised spontaneous community development,” yet it has been dubbed the “dogecoin killer” due to its promotion as the “dogecoin killer.”
Shiba inus are part of a loosely knit group of people. It has sold NFTs (also known as “shiboshis”), and Ethereum developer Vitalik Buterin recently donated 50 trillion of the coins to aid in the relief efforts in India following the Covid disaster.
This may all seem absurd — and it most certainly is — yet for certain businesses, meme coins are a serious source of revenue.
Also Read: How to Invest in Cryptocurrency Safely
Robinhood and other similar businesses
On Tuesday, the company announced quarterly revenue that was significantly lower than expected, mostly as a result of a slowdown in cryptocurrency trading, which has played an increasingly significant part in the company’s sales in recent years.
In the second quarter, cryptocurrency accounted for more than half of Robinhood’s transaction-based revenue, with dogecoin accounting for a whopping 62 percent of total cryptocurrency revenue.
Although the price of the dogecoin fell dramatically last quarter (it’s now down 67 percent from its high in May), Robinhood’s crypto revenue fell even more precipitously, down 78 percent.
Will Robinhood accept dogecoin’s more well-mannered sister as well? Not in the near future. Because of increased regulatory scrutiny, while CEO Vlad Tenev recognised that “our customers” demand more coins, he stated that “we are going to be very careful” about releasing new tokens in the near future. In comparison to Coinbase’s 50+ coins, the company offers only seven coins for trade.
Conclusion: Robinhood wants to take its time, but investors are becoming impatient with the company. The stock of the company sank by 10% yesterday, closing at a price that was lower than its IPO price.