- a popular cryptocurrency The currency rose over 20 percent after being listed on the trading app Robinhood and continues to rise.
Trading app Robinhood, known for the drama over the Shiba Inu listing, announced that it has listed the native UNI token of decentralized crypto exchange (DEX) Uniswap, according to an announcement on July 14. According to data provided by CoinMarketCap, the cryptocurrency has risen nearly 22 percent in the last 24 hours to reach $7.05.
On the other hand, Dogecoin is one of the rival meme cryptocurrencies. Floki Inu (FLOKI) supporters recently created a Change.org campaign for the token to be listed on the platform. In April, Robinhood listed the popular meme cryptocurrency Shiba Inu (SHIB), along with Polygon (MATIC), Solana (SOL), and Compound (COMP). In late June, it also listed the trading app Chainlink (LINK).
Will Floki Inu be successful like SHIB?
By creating such a petition, the Floki Inu team followed in the footsteps of the Shiba Inu. Shiba Inu’s petition was a huge success, garnering more than half a million signatures after it went viral last year, and after months of waiting, Robinhood finally added support for the Shiba Inu token in early April.
Koinfinans.com As we reported, it is not yet clear whether the Floki Inu campaign will gain enough momentum for Robinhood to consider such a listing.
While the Shiba Inu enjoys widespread mainstream adoption, FLOKI remains a relatively unknown Dogecoin competitor despite aggressive promotional campaigns. According to data provided by CoinGecko, it currently ranks 361st by market cap.
In March, Floki Inu clashed with the UK’s Advertising Standards Authority (ASA) after last year’s aggressive promotional campaign for different public transport vehicles in London.
The ASA has banned ads promoting the FLOKI cryptocurrency after receiving a series of complaints. Therefore, it seems unlikely that the Floki Inu petition will somehow succeed due to these legal challenges, even as the leading stock trading app becomes more comfortable listing new tokens.
Robinhood’s crypto adventure
Robinhood first added support for zero-fee crypto trading in February 2018. Bitcoin (BTC) and Ethereum (ETH) became available to app users right after the launch of crypto support. Later, the platform added support for many altcoins, including the meme cryptocurrency Dogecoin (DOGE).
The addition of new cryptocurrencies in the last few months suggests that Robinhood has changed its tough listing policy, possibly to attract more customers.
Robinhood was launched in 2013 as a zero-free alternative to traditional brokerage services. The app gained a lot of attention during the GameStop event in early 2021. It also benefited from the Dogecoin craze, which contributed to a massive increase in the company’s revenue.
Robinhood finally went public in July, but shares of the company are now down more than 76 percent since its debut.
In June, Bloomberg reported that FTX was seeking a way to acquire Robinhood, but the arrogant cryptocurrency exchange denied that such a deal was under discussion.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.