Shiba Inu Surges on Robinhood, Leaving Established Players in the Dust

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/06/03/shiba-inu-surges-on-robinhood-leaving-established-players-in-the-dust/ on 2024-06-03. Article ID: SD6461Tc55b9407. Author: Violet Vallaya. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/06/03/shiba-inu-surges-on-robinhood-leaving-established-players-in-the-dust/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

Shiba Inu (SHIB) has secured the second position in Robinhood’s list of top 10 cryptocurrencies with the most weekly gains.

Notably, SHIB managed to outperform major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) on the leading investment platform.

According to Robinhood’s data, SHIB experienced a priсe increase of approximately 6.7% over the past seven days. This placed it behind Uniswap (UNI), which secured the top spot with a surge of 14.6%.

#ThisWeekInCrypto and our full list of crypto available at: https://t.co/B41xoSGKG8

See you in June. pic.twitter.com/4eX3Z2Lx3K
— Robinhood (@RobinhoodApp) May 31, 2024

However, it’s important to note that SHIB’s outperformance wasn’t limited to just UNI. It also eclipsed established players like Ethereum (ETH) and Bitcoin (BTC) on Robinhood’s rankings. Over the same period, ETH witnessed a gain of 2.5%, while BTC, the world’s leading cryptocurrency by market capitalization, saw a more modest increase of 1%.

The achievement highlights the growing importance of altcoins in the cryptocurrency landscape. While established players like Bitcoin and Ethereum rеmain dominant, smaller tokens like SHIB are gaining traction, indicating investor diversification beyond traditional choices.

Notably, Robinhood’s user base primarily consists of retail investors. SHIB’s performance on this platform suggests that individual investors hold significant influence over the market, further demonstrating the democratization of finance through such applications.

Furthermore, Shiba Inu boasts a passionate and active community. Their collective efforts, whether through social media campaigns or grassroots advocacy, have undoubtedly contributed to SHIB’s growing visibility and adoption.

At the time of writing, SHIB was priced at $0.00002467, according to data from CoinMarketCap.

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VIOLET

Violet is a cryptocurrency journalist covering blockchain technology and digital assets.

Violet holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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