Shiba Inu (SHIB) makes double-digit gains amid Robinhood listing

Robinhood is a commission-free trading app that has attracted many retail investors. After listing the meme coin, the platform was behind a major DOGE rally in the mid of last year. In a recent blog post, Robinhood said that it had listed the four tokens because of high demand from its customers.

The Chief Brokerage Officer at Robinhood, Steve Quirk, noted that the new listings happened shortly after the exchange rolled out its crypto wallet to more than two million people on the waitlist. Quirk assured the community that Robinhood was committed to ensuring users’ safety.

The four newly listed tokens on Robinhood will only be available for buying and selling. Deposit and withdrawal services are currently unavailable, but they will be rolled out once they are guaranteed safety.

During the Bitcoin 2022 Conference in Miami that ended on Saturday, Robinhood announced the launch of its much-awaited cryptocurrency wallet. The wallet has around 2 million users on its waitlist.

Robinhood is one of the most reputable trading platforms in the cryptocurrency and stock sectors. The app has many retail investors because of not charging any trading fees. The token underwent a public listing last year amid the meme stock rally.

The Robinhood effect

The number of active monthly users on the Robinhood exchange stands at around 20 million, with the largest portion of this being young investors that want to maximize the commission-free trading feature.

Many retail investors result in significant gains for tokens listed on the exchange. The price of Shiba Inu has increased by 19.49% during the past 24 hours to trade at $0.000027 at the time of writing. Solana, Polygon and Compound have also surged by 2%, 4% and 5%, respectively.