The Shiba Inu cryptocurrency hit over one million new traders this week, largely because people exchanged their Dogecoin for Shiba Inu coins.
Through FX Street, the ChangeNOW cryptocurrency exchange platform offered investors the opportunity to exchange their Dogecoin for Shib cryptocurrency coins.
- “Traders used this service to accumulate more SHIB tokens before the zero commission trading platform was rumored to be listed, Robinhood,” according to FX Street.
It is believed that the Shiba Inu coin will soon be listed on the Robinhood app, which is one of the leading cryptocurrency exchange and investment platforms. Robinhood is said to be one of the last major moves for the coin, which has made its way to Coinbase, another popular trading platform.
- Speculation only increased as Public, a retail app that rivals Robinhood, added the Shiba Inu coin to its list of cryptocurrencies, according to Business Insider.
A spokesperson for Public said the addition of the Shiba Inu coin was a good way to give investors more choice.
- “Because crypto prices can be volatile in the short term and tend to follow different patterns than stocks, the public will have volatility reminders on the crypto pages to ensure that investors can make their own decisions. taking into account the context, ”the spokesperson told Business Insider. .
The Financial Conduct Authority, a group that examines how people use money, has warned potential investors that cryptocurrencies have a volatile market and investors should take precautions with their investments.
- “Investing in crypto-assets, or related investments and loans usually involves taking very high risks with investor money,” the FCA statement read. “If consumers invest in these types of products, they should be prepared to lose all of their money. “