This morning, the giant trading platform Robinhood added four new cryptocurrency tokens, bringing its total cryptos listed to eleven tokens. The new offerings are the fierce competitor of Ethereum “Solana” (SOL) and the dog-theme meme crypto “Shiba Inu” (SHIB), Ethereum scaling solution “Polygon” (MATIC) and the decentralized finance cryptocurrency “Compound” (COMP)
Following the news, SHIB soared 25% in less than an hour.
SHIB was the biggest winner from this morning’s Robinhood announcement
Nonetheless, every crypto listed today has struggled in 2022. For instance, SHIB lost 17% of its value on a year-to-date basis. COMP, SOL, and MATIC plummeted 40%. On the other hand, Bitcoin, the largest cryptocurrency in the world only lost 15% year to date.
Each of these tokens has had a rough start to 2022
Since Robinhood’s first crypto offering in 2018, users have been eyeing crypto trading opportunities and asking for more available tokens on the platform. . SHIB was a focus of investor interest in particular, as it is perceived as a complimentary token to Dogecoin, which became one of Robinhood’s most traded assets when it was added in the summer of 2018. However, the company avoided listing SHIB until now because of fears about its outsize volatility, even for crypto.
At Bitcoin 2022 conference in Miami, Robinhood Chief Product Officer Aparna Chennapragada noted that Bitcoin is the top recurring ‘buy’ asset for the company so far this year, with Ethereum coming in third and Dogecoin falling into 6th place.