Robinhood Markets Inc. added four additional cryptocurrencies to its platform, including the Shiba Inu coin, in a victory for supporters who had long contended that the comedy token should be made available for trading.
The popular daytrading platform has also added Solana’s SOL, Polygon’s Matic, and Compound’s COMP to its list of accessible transactions in a likely appeal to customers now that the increase in retail trading that occurred during the pandemic lockdowns has subsided. All of the mentioned tokens’ prices increased. As of 9:33 a.m. in New York, Robinhood shares were up 4.6 percent.
Each of the tokens listed has struggled in 2022, with SHIB leading the pack by losing only 17% on the year. COMP, SOL, and MATIC are all down by almost 40%. Bitcoin, on the other hand, is only down 15% year to far, and it actually broke even on the year last week before plummeting again.
Customers have been demanding for the ability to purchase and sell additional tokens since Robinhood began offering crypto trading in 2018.
SHIB piqued investor attention in particular because it is viewed as a complimentary token to Dogecoin, which quickly became one of Robinhood’s most traded assets after its addition in the summer of 2018. However, the corporation has delayed listing SHIB until now because to concerns about its extreme volatility.
Users of Robinhood have long requested that SHIB, as the Shiba coin is known, be exchanged; a Change.org petition initiated last year has received over 550,000 signatures in support of the move.
The company has always stated that it carefully evaluates the new coins it adds to its offers; in addition to client demand, its listing committee considers elements such as on-chain analysis, technology and security, as well as legal and financial variables.
Retail investors driving the campaign frequently reference last year’s spectacular ascent of another joke token, Dogecoin, with many at-home traders predicting that the Shiba coin will follow suit.