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Why people traded Dogecoin for Shiba Inu cryptocurrency coins

Dogecoin investors swapped their coins for Shiba Inu coin. Here’s why

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Dogecoin investors swapped their coins for Shiba Inu coin. Here’s why.

Illustration by Alex Cochran, Deseret News

The Shiba Inu cryptocurrency coin reached more than 1 million new traders this week in large part because people swapped their Dogecoin for Shiba Inu coins.

Per FX Street, the cryptocurrency exchange platform ChangeNOW offered investors the option of trading their Dogecoin for Shib cryptocurrencies coins.

  • “Traders availed this service to accumulate more SHIB tokens ahead of the rumored listing on the zero-commission exchange platform, Robinhood,” according to FX Street.

There’s some belief that Shiba Inu coin will soon be listed on the Robinhood app, which is one of the mainstream cryptocurrency and investment exchange platforms. Robinhood would be one of the final major moves for the coin, which has made its way to Coinbase, another popular trading platform.

  • The speculation has only increased as Public, a retail trading app that rivals Robinhood, added Shiba Inu coin to its list of cryptocurrencies, according to Business Insider.

A spokesperson for Public said adding Shiba Inu coin was a good way to offer investors more choices.

  • “Because the prices of cryptos can be volatile in the short-term and tend to follow different patterns than stock market securities, Public will have Volatility Reminders on crypto pages to ensure investors can make their own decisions with context,” the spokesperson told Business Insider.

The Financial Conduct Authority, a group that reviews how people use money, warned potential investors that cryptocurrencies have a volatile market and investors should take precautions in their investments.

  • “Investing in cryptoassets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”