Robinhood Lists Shiba Inu, Solana, Polygon and Compound on Trading Platform
Trading platform Robinhood has listed popular memecoin Shiba Inu alongside three other tokens. This development was noticed in the early hours of today on the Robinhood website and this was further confirmed in a blog post.
Shiba Inu, Solana, Polygon and Compound listed on Robinhood
There had been speculations regarding the addition of Shiba Inu to the Robinhood trading app in recent weeks. Analysts had suggested that Robinhood’s declining crypto trading revenue would compel it to add more altcoins and meme tokens to its platform.
This appears to be true as Robinhood listed Shiba Inu alongside layer-2 protocol Polygon, blockchain platform Solana and DeFi token Compound. Traders will be able to buy, sell and trade these crypto tokens on the platform.
Steve Quirk, Steve Quirk, Robinhood’s chief brokerage officer, mentioned in the company’s post: “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.”
He further added that the assets are available to buy and sell now on the Robinhood app, but deposits and withdrawals won’t be available immediately.
Solana and Polygon listing was not really a surprise due to their use-cases and popularity in recent months. Compound is also the leading token of the top DeFi protocol and provides value for holders. Shiba Inu is the biggest surprise and the memecoin has a storied history with Robinhood.
Past Attempt to Include Shiba Inu on Robinhood
Robinhood investors have long requested the brokerage allow SHIB to be traded, and a Change.org petition started last year has seen more than 550,000 signatories in favour of the move.
Robinhood CEO Vladimir Tenev and other high-profile executives have constantly avoided the burning question about whether or not Shiba Inu should be listed on the platform, fueling speculation within the community.
However, in November, Christine Brown, the chief operating officer of Robinhood’s crypto division, made it clear that the company preferred quality over quantity, seemingly taking a dig at crypto-native competitors with less conservative listing policies.
Robinhood introduced Dogecoin early on, and it grew with the backing of Elon Musk, making up 62% of its quarterly crypto sales in Q2 2021. However, Coinbase, which introduced Dogecoin in June 2021, became quicker and faster to the draw for Shiba Inu.
Coinbase introduced Shiba in September 2021, just a few months after it began gaining traction. Shortly after, Shiba noticed a large price boom from $0.00002 to $0.00008. So now it appears Robinhood has listed Shiba, albeit seven months behind.
Shiba Inu price surges after listing
Unsurprisingly the value of Shiba Inu (SHIB) has received a positive surge due to the listing announcement. According to data from CoinMarketCap, Shib prices grew by 7% within an hour, outperforming a significant portion of the market despite the current bearish trend.
The listing with Robinhood is also huge as Shiba Inu becomes the second memecoin listed on the trading platform alongside Dogecoin’s DOGE.
