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FX.co ★ Shiba Inu soars by 15%

Shiba Inu soars by 15%

On Tuesday, digital and traditional financial asset trading app Robinhood added Shiba Inu (SHIB). The company has already added the altcoin to the company's website, although the platform's management has not yet officially announced the SHIB listing. Information has appeared only in the blog of the online broker. Despite this, the value of Shiba Inu instantly soared by 15%, and the token became the top gainer in the top 100 cryptocurrency ranking.

In addition to the meme coin, Solana, Polygon, and Compound were added to the application. Users of the online platform can buy and sell these digital assets. The company said virtual wallets and withdrawals would be added later. There are 11 cryptocurrencies available at Robinhood at the moment.

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Shiba Inu soars by 15%

Commenting on the addition of the new assets, representatives of Robinhood said that over the past year, the company's customers have consistently asked for a wider range of digital assets. Explaining the choice of coins, Robinhood stressed that it evaluated them according to a "strict set of rules".

Notably, the finest hour of the Shiba Inu token happened last year, since then the number of long-term investors in the cryptocurrency is permanently increasing. Thus, only since the beginning of 2022, the number of SHIB holders has increased by 1,900% and now reaches 3,750 addresses. By holders here we mean wallets that have held SHIB for more than a year.

At the same time, the number of investors who keep meme-coins for no more than a month decreased by 38% to 49,790 addresses in March.

Meanwhile, only about 5% of SHIB's total capitalization is in the hands of long-term holders. At the same time, wallets storing tokens from one month to a year have accumulated about 93% of the total amount of cryptocurrency.

If we move from the news about altcoins to news on Bitcoin, at the close of trading on Tuesday, the flagship cryptocurrency decreased by 0.8%, falling to $39,600. Despite multiple BTC's attempts to recoup the losses the day before, by the end of the day, the asset fell following the drop in US stock indices.

According to CoinGecko, the world's largest aggregator of data on digital assets, the total capitalization of the crypto market fell by 0.4% to $1.93 trillion over the past 24 hours.

At the same time, the index of fear and greed has lost 12 points in the past 24 hours, dropping to 20 points.

In early April, Bitcoin quotes were below the forecasts of crypto analysts against the backdrop of negative events in world markets, as well as the conflict between Russia and Ukraine. Thus, during the first week of this month, Bitcoin dropped to $43,000 from $48,000.

In mid-April, experts continue to call the Russian-Ukrainian conflict the main downward factor for the cryptocurrency market. Analysts believe that the sooner the tense geopolitical situation begins to ease, the more confident the market for digital assets will feel in the short term. After peace agreements are reached, the economy will need to recover, which will require a lot of money. Cryptocurrency will be one component of that tangible amount of money. In that case, the digital asset market may get a spectacular boost and grow significantly.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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