Robinhood Lists Four New Crypto Assets
SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin. Last year, amid public support from Ethereum founder Vitalik Buterin and Tesla CEO Elon Musk, SHIB became wildly popular and realized an incredible price pump of 49,000,000% in a few months. Floki’s FLOKI/USD decision to invest $200,000 in its sister memecoin project, Simon’s Cat CAT/USD, spurred a substantial rise in the price of the popular dog-th… However, Coinbase also clearly states that “any asset not referenced in the list does not preclude any such asset from potential listing,” so there is no guarantee that you won’t see future surprises. Solana claims it can process up to 65,000 transactions per second with low fees, by combining Proof-of-Stake and Proof-of-History consensus mechanisms. It was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi.
Apart from Shiba Inu, Robinhood also added Solana, Polygon’s Matic and Compound’s Comp tokens to its cryptocurrency-focused trading platform, which already offered seven tokens, including Dogecoin and Bitcoin. The website also prompts users to sign up for a Robinhood crypto account so they can “buy or sell Shiba Inu commission-free.” The listing was first noticed by Cryptocurrency Alerting, which monitors real-time crypto exchange listings. While it may be valuable to know which currencies will be xcritical scammers listed on major exchanges like Robinhood ahead of the news release, it’s unlikely this information will be shared with individuals, as it would be akin to insider trading. Instead, you can expect significant public announcements like Robinhood’s recent post. Its even lower than before the cryptocurrency started trading on Robinhood. The whole point of listing Shiba Inu on Robinhood was to make it more accessible to traders and trading volume would help push shares closer to a penny.
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In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. Cryptocurrencies may receive a lot of attention, but they’re still a relatively small area for Robinhood compared to stock, ETF, and options products. Say Technologies, LLC provides technology services xcritical official site for shareholder engagement and communication.Sherwood Media, LLC produces fresh and unique perspectives on topical financial news. On an investor call on Tuesday, Robinhood CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu.
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According to its founders, it was created as an experiment in decentralized spontaneous community building. Shiba Inu (SHIB) is an Ethereum-based (ERC-20) token that is hosted on the Ethereum blockchain. But the initial indications are that Robinhood won’t do anything substantial for helping to boost the SHIB-USD price. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says. Shiba Inu’s price surged as high as 31% after the announcement was made on Robinhood’s official Twitter channel today.
Robinhood Finally Lists Shiba Inu, Causes Major Surge In SHIB Price
While the company has negotiated much better xcritical website economics on crypto trading, we see the decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman. At this year’s Bitcoin Conference 2022, Robinhood, through its chief product officer Aparna Chennapragada, revealed its plan to add the Bitcoin Lightning Network to its platform so users could enjoy faster transactions. The Lightning Network is a layer-2 network built on Bitcoin that allows speedier transactions at a much lower cost.
An even worse sign is that Shiba Inu officially lost more than 70,000 token holders over the past month — falling from a peak of 1,199,453 SHIB holders on Mar. 15, 2022 to 1,128,221 as of yesterday, according to CoinMarketCap.com. I would keep my eye on that important metric to wait and see if the SHIBA team can reverse attrition of its holders, because if Shiba Inu can’t keep and grow its user base — then all the news in the world won’t matter. Solana was founded in 2017 Anatoly Yakovenko and the SOL token launched in March 2020 by the Geneva-based Solana Foundation and San Francisco-based Solana Labs. MATIC is the native token of Polygon (previously Matic Network), a decentralized Proof-of-Stake (PoS) blockchain, which operates as a sidechain to Ethereum and benefits from its security.
Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for Robinhood to list its coin. “Due to uncertain and volatile market conditions, [listing SHIB] might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” says Khoo. Robinhood’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at blockchain analytics platform Nansen.
Shiba Inu investors and community members believe that a Robinhood listing could propel the coin to even greater heights, and a change.org petition imploring Robinhood to list the new coin has gathered nearly 400,000 signatures. Currently, Robinhood users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms. A crypto wallet will still limit users to buying and selling Robinhood-approved currencies, but the wallet will let users transfer their holdings to outside accounts from which they can trade assets on other platforms. After months of lobbying, and 559,701 petition signatures, popular dog-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app Robinhood along with three other top-100 cryptos. Online brokerage Robinhood Markets, Inc. (HOOD) added four new cryptocurrencies to its trading platform on April 12, 2022, leading to excitement among cryptocurrency traders and holders. Robinhood Crypto now features Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB), all top 100 cryptocurrencies on the CoinMarketCap ratings.
- Today it’s trading at a steep 83% discount at $11.70 per share from August peak price.
- The whole point of listing Shiba Inu on Robinhood was to make it more accessible to traders and trading volume would help push shares closer to a penny.
- Say Technologies, LLC provides technology services for shareholder engagement and communication.Sherwood Media, LLC produces fresh and unique perspectives on topical financial news.
- WenWallet is the company’s version of the crypto wallet, which was launched in September 2021.
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Polygon claims to be able to process up to 65,000 transactions per second with network fees of a fraction of a cent. And if you’ve got SHIB-USD in your crypto wallet, you were probably thinking the same thing. Or at least, you were hoping that you’d see a nice little bump in your Shiba Inu holdings. Vincent Lau, managing director of international operations at crypto exchange Huobi Global, says that while SHIB’s bull run may falter, he thinks the coin is likely here to stay. But Robinhood is also beginning to feel the volatility of crypto markets. The decision to list the four cryptos is more likely an effort by Robinhood to slow its recent stock slide.
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In an announcement on X, Lucie (@LucieSHIB), the marketing lead for Shiba Inu, delineated the commitment of the Shiba Inu team towards implementing a robust gov… SOL is the native token of Solana, a decentralized Proof-of-Stake blockchain built to enable scalable, user-friendly DApps. MATIC purchased on or sent to Robinhood may be held partially on either the Ethereum or Polygon network. Compound is an algorithmic, autonomous interest rate protocol built for developers to create open financial applications. It was created in 2017 by entrepreneurs Robert Leshner and Geoffrey Hayes.
Yet none of these announcements were able to sustain their respective gains or build on each other’s gains. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment.
In January 2018, Robinhood began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market.
With the four newly added digital currencies, Robinhood now offers 11 unique cryptocurrencies on its platform. Robinhood, the American financial services company known for pioneering commission-free stocks and cryptocurrency trades, has listed the dog-themed meme coin Shiba Inu on its platform. Since its initial listing on the NASDAQ stock exchange last July, Robinhood (HOOD) soared to an all-time high of $70.94 on Aug. 4, 2021. Today it’s trading at a steep 83% discount at $11.70 per share from August peak price.
Robinhood may also be wary of the threat of new crypto rules and regulations. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, Robinhood released a statement explaining that such regulation could “adversely affect” crypto markets. Tor Constantino is a corporate communications executive and business writer with an MBA.
