Robinhood listed 4 cryptocurrencies on its trading platform yesterday. Shiba Inu (SHIB) is the most noteworthy and sought after among them. For months investors were speculating on the addition of SHIB on Robinhood. Other coins include Solana (SOL), Polygon (MATIC), and Compound (COMP).
Robinhood has been very active recently with its crypto offerings. They rolled out their own cryptocurrency wallet for their 2 million users. The wallet allows the users to transact outside the Robinhood trading platform. It also enables buying of NFTs and transferring Crypto to other traders with zero withdrawal fees. It was just last week that Robinhood rolled out its crypto wallet. And now yesterday’s move proves to be one of the most important parts of their expansion plan toward enabling Cryptocurrency trading on their platform. Though deposits and withdrawals won’t be available for these 4 tokens, as of now only buying and selling will be allowed.
Shiba saw the second-highest daily volume on Binance since December last year, nearly equaling the highest, showing a nearly 35% increase to $0.00003 in just a matter of hours, and then falling back to $0.000027 by the end of the day with more than a 20% rise overall. Shiba had been losing its holders for the last 4 months, due to a sharp fall in its prices since an all-time high in November last year. From the lifetime top of around $0.0000885 on Binance, it is still down by nearly 70% after yesterday’s rise.
Although this news was the biggest speculation among Shiba hodlers for many months now, investors were counting on the rumors of Shiba getting added on Robinhood for more than half a year now on Shiba’s official Reddit page, even though Robinhood outright denied the same last year. The addition to Robinhood will fuel a lot of investors back to buying and holding Shiba, since it had been seen that in the past weeks, the value held by accounts holding Shiba for more than a year rose by 57% in just 30 days, according to IntoTheBlock. This means the Whales had already been accumulating and have surely benefited from this yesterday’s price rise.
The other coins which were added to Robinhood also saw a surge in prices in the last 24 hours according to coinmarketcap.com. COMP saw a 10.24% rise while MATIC and SOL saw a 4.57% and 2.11% respectively.