In the doge-eat-doge world of meme coins, there’s a new alpha.
Thanks to a parabolic rally over the past few weeks, $SHIBA has leapfrogged dogecoin to become the ninth-most valuable crypto in the world.
Here's the backstory...and how it could save Robinhood.
Thanks to a parabolic rally over the past few weeks, $SHIBA has leapfrogged dogecoin to become the ninth-most valuable crypto in the world.
Here's the backstory...and how it could save Robinhood.
This is not a typo.
Shibu has gained nearly 1,000% in the last month and more than 90,000,000% in the past year.
90. Million. Percent.
Shibu has gained nearly 1,000% in the last month and more than 90,000,000% in the past year.
90. Million. Percent.
The origin story
While it comes from the same litter, shiba inu wants you to know it’s definitely not like dogecoin.
Founded in 2020 as an “experiment in decentralized spontaneous community building,” it’s actually been promoted as the “dogecoin killer.”
While it comes from the same litter, shiba inu wants you to know it’s definitely not like dogecoin.
Founded in 2020 as an “experiment in decentralized spontaneous community building,” it’s actually been promoted as the “dogecoin killer.”
Shiba inu has some semblance of a community. It’s sold NFTs (called “shiboshis”), and ETH creator Vitalik Buterin sent 50 trillion of the coins to aid Covid relief in India earlier this year.
This all may seem ridiculous—and it is—but for some, meme coins are serious business.
This all may seem ridiculous—and it is—but for some, meme coins are serious business.
On Tuesday, Robinhood reported quarterly revenue that came in wayyy below estimates due primarily to a slowdown in crypto trading—an activity that has played an increasingly outsized role in the company’s sales.
Crypto accounted for more than 50% of Robinhood’s transaction-based revenue in Q2, and dogecoin made up 62% of all crypto revenue.
It sounds absurd but, crypto accounted for more than 50% of Robinhood’s transaction-based revenue in Q2, and dogecoin made up 62% of all crypto revenue.
But as dogecoin was put on a leash last quarter (it’s down 67% from its peak in May), Robinhood’s crypto revenue followed suit—plunging 78%.
Will Robinhood embrace dogecoin’s better-trained sibling? Not imminently. While CEO Vlad Tenev acknowledged that “our customers want new coins,” he said “we’re going to be very careful” about adding new tokens. It offers 7 coins for trading, compared to Coinbase’s 50+.
Bottom line: Robinhood wants to be deliberate, but investors are getting antsy. The company’s stock fell 10% yesterday to close below its IPO price.
More here: morningbrew.com/daily/stories/…
Also, is this the greatest trade ever?
https://twitter.com/MorningBrew/status/1453445533754855433?s=20
• • •
Missing some Tweet in this thread? You can try to
force a refresh
