Shiba Inu Jumps 35% Amid Listing On Trading App Robinhood

Robinhood has added support for 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.

The company announced that Robinhood Markets Inc. has included four new digital assets on its trading platform: Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP).

Steve Quirk – Chief Brokerage Officer at Robinhood, commented:

“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 four assets went up after the news, but SHIB’s price hike was considerably more significant. For the past 24 hours, it went up by 36% to a two-month high before retracing slightly.

In 2018, the entity added support Dogecoin (DOGE). Last year’s craze around DOGE and the following price surge was very beneficial for Robinhood. At one point, the company revealed that DOGE accounted for more than 30% of its crypto trading revenue. In August 2021, the organization disclosed that the meme-inspired token formed 62% of the firm’s cryptocurrency income for Q2 of 2021.

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.

Robinhood is mostly known as an institutional brokerage company that deals mainly with traditional assets, but recently they have been quite active in the digital asset space.

A new feature to Robinhood’s product offering is a cryptocurrency wallet, which recently was launched for 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 (NFTs).