Robinhood has buckled and listed the popular cryptocurrency SHIB on its trading platform after dragging its heels on adding support for other digital currencies on its trading platform. The zero-commission trading platform now includes Solana (SOL), Polygon (MATIC), and Compound (COMP).
Shiba Inu surged 30% on Tuesday, leading gains among major crypto assets, on the announcement that it would be listed on Robinhood, with a market capitalization of $14.7 billion, which is the fifteenth-largest cryptocurrency.
Robinhood users requested the meme coin the most. A petition to list the coin received over 500,000 signatures. Following the addition of support for bitcoin, ethereum, dogecoin, and other cryptocurrencies in 2018, Robinhood has refrained from listing further cryptocurrencies in recent years. Executives at the firm have frequently avoided queries about whether or not to list the second-largest meme coin, claiming that they are more concerned with quality than quantity.
SHIB trading will be available to Robinhood’s approximately 17.3 million active users as a result of the company’s listing. This might be the news that fuels the rise of the “dogecoin killer” in order to reach new all-time highs in the near future.
Aside from the new listings, Robinhood has been making significant moves in the cryptocurrency market in recent days. For example, during the Bitcoin 2022 Miami Conference, it announced intentions to incorporate the Bitcoin Lightning Network to enable quicker BTC transactions.
Robinhood has also introduced a cryptocurrency wallet for 2 million eligible consumers. Users can use the app to deposit and withdraw cryptocurrencies such as bitcoin, ethereum, and Shiba Inu’s main competitor dogecoin.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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