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Robinhood in troubled waters
The trading platform's revenue fell 35% in the third quarter, plagued in particular by a substantial 78% drop in revenue from crypto-currency trading. New account openings totaled 660,000 in the third quarter compared to 5.1 million in the previous quarter. It has to be said that Robinhood wasn't expecting the exuberant craziness of the past 18 months either. And yes, in the second quarter, Dogecoin had brought in $144 million in transaction revenue, while in the third quarter, the seven cryptos available on the platform (including Dogecoin) only brought in $51 million. Investors went on a rampage after the results were released, sending the share price down 10% at the close and sending it hovering around $35 at the moment. Will the company open up to Shiba Inu to repeat record profits?
Shiba Inu, the golden goose?
"We believe that with the power of collective decentralization, we can build something stronger than others, something stronger than any centralized team could ever create. A community is nothing without the united individuals who give it purpose," wrote Ryoshia, the founder of the cryptocurrency. (Source: 28-page white paper entitled "Woofpaper").
The well-practiced pitch from the anonymous creator of the digital currency has had plenty of appeal to a whole section of the cryptosphere. Shiba was launched in 2020 by its mysterious founder Ryoshi and has been called the "Dogecoin killer." The token is compatible with the Ethereum Blockchain and aims to be more ambitious than a simple payment method like its canine sibling.
ShibaSwap
The decentralized (DEX) platform ShibaSwap has caught the attention of many investors by allowing SHIB tokens to be traded for other digital currencies. It currently allows for the exchange of only 3 tokens owned by the creators of ShibaSwap: Shiba ($SHIB), Leash Dogecoin Killer ($LEASH) and Bone ($BONE). Just one day after its launch this summer, the platform had raised $1 billion locked in DEX, demonstrating the appeal of memecoin to investors.
On their Shiba Inu website, the creators of the crypto wanted to highlight the charitable aspect of their work. They offer the possibility to donate to the "Shiba Inu Rescue Association" thanks to Amazon Smile (the giant's solidarity platform, on which each purchase results in a payment to an association). A well-practiced speech to attract new investors sensitive to the animal cause.
You can also get adorable little Shiba Inu as non-fungible tokens (NFT). Each one has its own characteristics which will be used as a basic force in the next game called "Shiboshi" which should be released soon. Watch out!
Source : opensea.io
Beyond the value transmission aspect, the cryptocurrency seems more ambitious than Dogecoin, on the other hand the opacity related to the composition of the team and the development of the asset surfing on the wave of Dogecoin totally discredits the scale of the phenomenon.
Performance and volatility
Shiba Inu has risen to ninth place in the cryptocurrency rankings dethroning Dogecoin which is now in tenth place. The former weighing $39 billion compared to $36 billion for the latter.
Market capitalization of Shiba Inu (SHIB)
Source: CoinMarketCap
The numbers are dizzying. At a time when regulators around the world are diving into the cutthroat world of cryptocurrencies, UFOs in the field like Shiba Inu are coming to post uncommon (even more so than others) rises. Dogecoin had helped trading platform Robinhood generate 62% of its trading volume in the second quarter before a tumble in the third quarter. The listing of its hot counterpart could attract a large number of investors eager for quick gains. Many investors are tempted to enter a market showing such short-term returns, but these colossal price increases imply the risk of a massive pullback at any moment.
