Joke No More: Shiba Inu Is Among Four Crypto Tokens Listed on Robinhood
The Shiba Inu currency was one of four new cryptocurrencies added to Robinhood Markets Inc.’s platform, marking a victory for supporters who had long fought for the comedy token to be traded.
Daytraders’ favorite platform has added Solana’s SOL, Polygon’s Matic, and Compound’s COMP to its list of available trades, indicating that the surge in retail trading that occurred during the pandemic lockdowns has subsided. The value of all of the listed tokens increased. As of 9:33 a.m. in New York, Robinhood’s stock was up 4.6 percent.
In a blog post, Steve Quirk, Robinhood’s chief brokerage officer, stated, “We’re delighted to add more choices for our consumers as we seek to make Robinhood the best place to invest in crypto.” “As a safety-first firm, we have a rigorous structure in place to assist us in evaluating assets for listing, and we are committed to offering a safe and instructional crypto platform,” said the company.
Users of Robinhood have long requested that the Shiba coin, or SHIB, be exchanged; a Change.org petition initiated last year garnered more than 550,000 signatures in support of the move.
The company has always stated that it carefully evaluates the new coins it adds to its portfolio — 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.
The ascent of another joke token, Dogecoin, last year is commonly cited by retail investors behind the drive, with many at-home traders predicting that the Shiba currency will follow in its footsteps. Meanwhile, trading in SHIB has been choppy, with Coinmarketcap.com showing an approximately 30% loss in the digital asset this year prior to the news. According to Coinmarketcap.com, SHIB increased by almost 7% on Tuesday. Other cryptocurrencies, such as Bitcoin, have also made progress.