The meme token Shiba Inu has witnessed a 16% surge in price after the news of its listing on Mexico’s largest cryptocurrency exchange Bitso and also rumours of its Robinhood Listing.
Shiba Inu (SHIB) soared 16% on Thursday, leading major cryptocurrencies higher on reports of a listing on Robinhood, according to Coindesk.
Shiba Inu gained some traction after it was listed on Bitso. Traders, on the other hand, are pensive and waiting, based on the cryptocurrency’s prior performance. After the Kraken listing, Shiba Inu was unable to maintain its upward momentum.
Shiba Inu jumped 16%, leading the gains among major cryptocurrencies, amid rumors of a Robinhood listing.
— CoinDesk (@CoinDesk) January 13, 2022
When Shibu Inu was listed in Kraken last November, its value skyrocketed. The value of the meme-based coin increased from $0.000040 to $0.000054. However, it was unable to sustain the rally and plunged below $0.000030 as a result of severe selling pressure.
Exchange listing impact on cryptocurrencies
Exchange listings frequently have a favourable impact on the value of cryptocurrencies since they increase the number of possible investors.
Due to new listings, the number of Shibu Inu owners continues to rise. At the same time, these new investors are failing to provide Shibu Inu traction, implying that the cryptocurrency’s more significant players are withdrawing their assets.