Popular meme coin SHIB Coin is now listed for New York residents trading on Robinhood. The brokerage also added Avalanche and Compound to its list. Its investors hope the market will respond to this important listing.
Robinhood launches trading for AVAX, COMP, and SHIB Coin
Robinhood’s listing spree still continues. Now it has added dog-themed Shiba Inu (SHIB Coin), Avalanche (AVAX) and Compound (COMP) to its platform. However, this list is only valid for New York residents for now.
These cryptocurrencies are a few of the many that Robinhood has listed over the past few weeks. Notably, the exchange does most of these listings by taking into account the jurisdictions and type of crypto assets allowed. At the beginning of April, Robinhood announced its plan to list Optimism (OP) for European Union traders. Similarly, Solana-based BONK has joined the likes of Bitcoin (BTC), Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH) on Robinhood. However, these lists are valid for customers in certain EU countries.
Robinhood is expanding its product range!
This listing package is part of Robinhood’s strategy to expand its reach. However, it is also a way to increase the adoption and use of many of these assets. Getting listed on a reputable trading platform like Robinhood can add new momentum to a token’s price trajectory. It also provides greater visibility and reach to a wider audience of traders.
Such a move also demonstrates the platform’s commitment to meeting the evolving needs of its customers by providing them with a wide range of digital assets to choose from. Robinhood has a list of more than 30 selected crypto assets so far.
How is the price performance of the altcoins included in Robinhood’s list?
Following listing, most of these tokens generally react positively in terms of price, as in the case of BONK. SHIB Coin price increased by 2% as an initial reaction. However, it lost ground with the recent market decline. At the time of writing, SHIB Coin was trading at $0.00002601, down 5% on a daily basis. In this succession, SHIB Coin has recorded a phenomenal increase in burn rate. Shiba Inu burn rate increased by 2,200%. This has sparked bullish sentiment among Shiba Inu crypto enthusiasts.
AVAX increased by 0.4% as a first reaction. However, it too saw a decline later on. At the time of writing, the token was changing hands at $37.4, losing 4.1% on a daily basis. COMP also saw a 0.90 increase in initial reaction. However, it lost 2% of its value with the market decline and fell to $58.12. According to experts, further price gains are possible as the Robinhood listing could bring more recognition to these altcoins in the coming days.
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