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Robinhood has added new pages for four cryptocurrencies, claiming that they can now be traded.
It doesn’t appear the coins are available for trading yet.Robinhood seems to add four major cryptocurrencies to its roster, according to its website. These are the memecoin Shiba Inu, blockchains Solana and Polygon, and DeFi lending protocol Compound.
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The exchange has added specific pages for each of the four coins, with a message that prospective traders can sign up to trade each of the coins. It doesn’t appear that the coins are available to trade yet, according to various comments on Twitter.
Robinhood and Coinbase have been occupied with somewhat of a competition with regards to memecoins. Robinhood added Dogecoin early on, as it shot up fully backed by Elon Musk – making up 62% of its quarterly crypto revenue in Q2 2021. Coinbase, which only added Dogecoin in June 2021, was much faster quicker to the draw for Shiba Inu. It added Shiba in September 2021, only a few months after it had started building up forward movement. Shortly after, Shiba saw a major price spike from $0.00002 to $0.00008.
Presently it seems Robinhood has followed suit on Shiba, albeit seven months behind.
Shiba was launched in August 2020 however acquired no hype until memecoins like Dogecoin started taking off. Shiba was similarly themed around the Shiba Inu breed of canine, however with a much higher total supply of tokens. The project claimed, however, that half of its symbolic supply had been burned, which typically refers to a process where tokens are sent to an address that cannot be accessed. Be that as it may, in this case, the tokens had been sent to Ethereum co-founder Vitalik Buterin who decided to sell a chunk of the tokens and give the proceeds to charity.
Solana is a proof-of-stake blockchain that offers fast transactions at low speeds. It has recently faced degraded performance, according to Solana status, implying that transactions can be slow to be processed.
Polygon is a blockchain that is often seen as a sidechain to Ethereum and has a similar focus on elite performance. In any case, it has struggled with deep transaction reorgs, where long strings of blocks in its blockchain are changed retroactively.
Compound is the sixth-largest DeFi protocol on the Ethereum blockchain, according to DeFi Pulse. It currently looks after $6.3 billion in assets.
Robinhood has not made an announcement for the listings. We have reached out to the brokerage and will update this article should we hear back.The price of cryptocurrencies solana and shiba inu soared Tuesday after trading platform Robinhood announced that it had listed the tokens.
Solana, shiba inu, polygon, and compound are presently available to trade on Robinhood (ticker: HOOD), the company said in a statement. The trading platform overwhelmed by retail investors already lists other cryptos including bitcoin, the leading digital asset, as well as ether, litecoin, and dogecoin.
Solana was up 4% over the past 24 hours, with polygon surging 6% and compound rising 5%. Shiba inu – a so-called memecoin because it was initially based on internet jokes as opposed to a significant blockchain project – spiked around 20%.
Meanwhile, much of the rest of the crypto space was under pressure, with bitcoin declining 2% and ether hovering just below flat.
“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” Steve Quirl, the chief brokerage officer at Robinhood, said in a statement.
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Robinhood stock rose 3% Tuesday however the shares have lost almost 37% so far this year. The company recently announced that it had stretched out cryptocurrency wallets to more than 2 million users, yet, as Barron’s has reported, digital assets are unlikely to shift the needle at Robinhood.
The group faces headwinds from a slowdown in crypto trading volumes, notwithstanding a wider downturn in the commitment of retail investors. Analysts at Goldman Sachs downgraded the company to Sell from Neutral last week, citing a limited path to near-term profitability in the midst of “softening retail commitment levels.”
Goldman has a target price on Robinhood stock of $13, 66% below the group’s initial offering price and around 10% higher from where the shares were trading on Tuesday.
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