Shiba Inu Soars 35% on Robinhood Listing

The American financial services company – Robinhood – allowed its customers to deal with Shiba Inu (SHIB), Solana (SOL), Polygon (Matic), and Compound (COMP). The additions come after last week, the firm rolled out its cryptocurrency wallet to two million users.

• According to a recent blog post, Robinhood Markets Inc. included four new digital assets on its trading platform. These include the popular memecoin – Shiba Inu, the sixth largest crypto token by market capitalization – Solana, Polygon’s MATIC, and Compound’s COMP.
• Speaking on the matter was Steve Quirk – Chief Brokerage Officer at Robinhood:

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

• The prices of all assets rose after the news as SHIB’s price was considerably more significant. For the past 24 hours, the so-called Dogecoin killer went up by 36% to a two-month high before retracing slightly.

• This is not the first time Robinhood has listed a memecoin on its trading platform. In 2018, the entity added the first-ever Dogecoin (DOGE).
• Last year’s craze around the token and the following price surge was beneficial for Robinhood. At one point, the company revealed that DOGE accounted for over 30% of its crypto trading revenue.
• This figure continued to surge, and in August 2021, the organization disclosed that the meme-inspired token formed 62% of the firm’s cryptocurrency income for Q2 of 2021.
• As CryptoPotato recently reported, two wallets by Robinhood hold around $6 billion worth of DOGE for its clients, which is around one-third of Dogecoin’s supply in circulation.
• Despite being an institutional brokerage company that deals mainly with traditional assets, Robinhood has been quite active in the digital asset field recently.
• Several days ago, it introduced its cryptocurrency wallet, which granted access to over two million clients on a waiting list. The feature allows users to interact with crypto outside of the company’s trading platform. It also enables them to purchase non-fungible tokens.