What’s next for Shiba Inu (CRYPTO:SHIB)? That’s a natural question to ask after the digital token skyrocketed in the ballpark of 52,000,000% this year.
Some predict a huge downturn for the cryptocurrency. Others think that there are still several catalysts that could drive Shiba Inu even higher. One of the most important of those catalysts is the possibility that Robinhood (NASDAQ:HOOD) could announce support for the coin.
So far, Robinhood executives have dragged their heels when it comes to including additional digital tokens on its trading platform. However, this sluggishness hasn’t dampened hopes that a positive decision could be on the way. But just how much would Shiba Inu soar if Robinhood adds the altcoin?
Image source: Getty Images.
Looking back
Arguably, the best way to determine how much Shiba Inu’s price could jump if it’s added to Robinhood is to look at the experiences of other digital coins. Robinhood first launched support for cryptocurrency trading on Jan. 25, 2018 (in select markets) with support for Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).
How much of an impact did this announcement make? Not much. The chart below shows how the two cryptocurrency prices changed then.
Bitcoin Price data by YCharts.
Within a matter of days, the gains for Bitcoin and Ethereum evaporated. But those were and still are the two biggest cryptocurrencies on the market.
Robinhood announced the addition of Litecoin (CRYPTO:LTC) and Bitcoin Cash (CRYPTO:BCH) on July 12, 2018. Their moves were more dramatic on the news, right? Actually, no.
Litecoin Price data by YCharts.
Let’s try again. Robinhood rolled out support for Dogecoin (CRYPTO:DOGE) only four days after enabling the trading of Litecoin and Bitcoin Cash. How did Dogecoin fare?
Dogecoin Price data by YCharts.
Unlike its predecessor cryptocurrencies on Robinhood, Dogecoin delivered an impressive gain after being added to the platform. There’s a good case to…
