After dragging its heels regarding adding support for more digital currencies on its trading platform, Robinhood finally caved and listed the popular doggy-themed cryptocurrency Shiba Inu (SHIB).
Solana (SOL), Polygon (MATIC), and Compound (COMP) have also been added to the zero-commission trading platform.
SHIB jumped 30% on Tuesday, leading gains among major crypto assets, amid the news of listing on Robinhood. Shiba Inu is the fifteenth-largest cryptocurrency with a market capitalization of $14.7 billion.
Will SHIB Moon In 2022?
Notably, the meme coin was the most requested by Robinhood users. A petition to list the cryptocurrency amassed over half a million signatures.
After adding support for bitcoin, ethereum, dogecoin, and other cryptocurrencies back in 2018, Robinhood has refrained from listing more cryptocurrencies in recent years. The company’s execs have oftentimes evaded questions on whether or not to list the second-largest meme coin, arguing that they are more concerned with quality rather than quantity.
A listing on Robinhood means the company’s approximately 17.3 million active users will have access to SHIB trading. This could be the news that is needed to help drive the growth of the “dogecoin killer” in order to tap new all-time highs in the near future.
Robinhood’s Crypto Push
Besides the new listings, Robinhood has been making major moves in the crypto space in recent days. During the Bitcoin 2022 Miami Conference, for instance, it announced plans to integrate the Bitcoin Lightning Network in order to enable faster BTC transactions.
Robinhood also launched its crypto wallet for 2 million eligible users. The app allows users to deposit and withdraw cryptocurrencies like bitcoin, ethereum, and Shiba Inu’s top competitor dogecoin.