Shiba Inu Coin Just Killed Robinhood
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In the indexes, the prices of both Robinhood and Shiba Inu are falling; nevertheless, despite the decline, SHIB’s market capitalization is increasing, and Robinhood’s is decreasing. Shiba Inu’s market capitalization has now surpassed Robinhood’s by a factor of 60, and the gap is becoming wider with each passing day. While Robinhood’s market capitalization is over $10 billion, SHIB’s market capitalization has grown to approximately $16 billion.
In January, Robinhood had a market capitalization of $14.8 billion, whereas SHIB had a market capitalization of $18.5 billion. Unfortunately, the figures have become increasingly disjointed, and Robinhood is now in difficult waters.
Stock in Robinhood appears to be falling like a deck of cards, with the stock dropping 9.33 per cent yesterday and reaching new weekly lows. In July 2021, it raised $38 million in an initial public offering of shares, now trading at $12.5 a share. As a result of the company’s decline of -67 per cent from its IPO price, almost every early investor has suffered a loss.
The third-quarter filings of the world’s largest trading platform were a disaster. During the second quarter of 2021, its crypto revenues plummeted from $231 to $51 in its third-quarter filings. Dogecoin accounted for the vast majority (61 per cent) of the company’s Q2 revenues, but the meme-value token did not continue to rise as expected.
The leading exchange is struggling to regain its previous all-time high of $85, which it reached in January. This year, it is quite improbable that it will surpass its ATH. If it wants to reclaim its former glory, Robinhood needs to step up its game and do something new that they’ve never done before. If they don’t, their market value will plummet directly beneath their feet due to the intense rivalry in the marketplace.
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Shiba Inu Coin Just Killed Robinhood
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