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A petition with more than 450,000 signatures on is pushing for the mobile trading app Robinhood to start allowing Shiba trades. While Shiba is the current white-hot cryptocurrency, you can’t trade it through more traditional brokers - yet. Lately, it’s consistently traded around $180. Among stocks, GameStop had a surge that rivals Shiba’s, rocketing from about $17 per share in early January to $483 later that month. Bitcoin has doubled in value twice this year - with a rapid plunge in between - and now sells for more than $60,000 per coin. Investors might be thinking this story sounds familiar. “This is what happens when you have massive speculation in assets with no intrinsic value,” Reiners said. Reiners said he’s not surprised by Shiba’s recent spike. Lee Reiners, an outspoken crypto skeptic, teaches fintech and cryptocurrency courses at Duke University School of Law. Experts warn that investors need to be cautious about putting money into something with anonymous leadership that appears to have little functional use. Like most cryptocurrencies, Shiba is not commonly used for commercial transactions and is considered by most experts and investors to be a high-risk, speculative bet due to the broader volatility of the crypto market. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%.Įven with its recent meteoric rise - it’s up about 900% in the past month - each Shiba coin costs just a tiny fraction of one cent.
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Shiba was up another 10% at midday on Monday and has doubled in value in the past week. The recent trading frenzy over a digital token called Shiba Inu - commonly billed as a “meme” or joke coin - has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
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(AP) - Cryptocurrency has officially gone to the dogs. įollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit. Robinhood, which has recently attracted millions of users, and plans to go public in July, has come under increasing legal and regulatory pressure based on its role in processing then limiting trades during the Reddit-fueled meme-stock upheaval that included GameStop ( GME) and AMC Entertainment ( AMC).Īlexis Keenan is a legal reporter for Yahoo Finance.
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Ice Cube’s allegations against Robinhood also brought claims under California’s Business and Professional Code, and its common law governing rights of publicity.
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“However, in an act of unmitigated gall and transparent retribution, Robinhood and its subsidiary have now used the image and likeness of Ice Cube – without his permission.” “In a cynical effort to appeal to a young demographic, Robinhood has engaged celebrity endorsers such as Jay-Z, Nas, and Jared Leto to endorse its products and services,” the complaint argued. In his lawsuit, Ice Cube complained that a March 8 publication posted to Robinhood’s “Robinhood Snacks” website and the company’s mobile app, unlawfully used his image and likeness, along with his signature catch phrase “Check Yo Self.” The artist, whose legal name is O'Shea Jackson, Sr., said the publication (mis)quoted the phrase which originated in lyrics from his hit single by the same name, and created the false impression that he endorses the company. We hope the court’s ruling will put an end to this matter," Jacqueline Ortiz Ramsay, Robinhood's Head of Public Policy Communications, told Yahoo Finance. Robinhood Snacks has become one of the most reliable and most read resources of digestible financial news for Robinhood customers and millions more across the globe.
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"We are pleased the court recognized that Robinhood Snacks articles are not advertisements and that the use of the movie image did not amount to an endorsement.