Crypto trading platform Robinhood has announced the addition of four new cryptocurrencies on its platform, but what the next Robinhood new listings are is still unclear.
With the Binance new listings and new Coinbase listings continuing to grow each month, pressure has been high on Robinhood to add any new crypto-assets for its users. And finally, it yielded. After a year-long campaign by the ShibArmy, Robinhood has finally listed Shiba Inu, sending the price of SHIB soaring.
The price of Shiba Inu rallied nearly 35% when the announcement was made public by the trading platform. Let's take a look at what new cryptocurrencies have been recently listed by Robinhood, and what's coming next.
What New Cryptocurrency Has Robinhood Added?
Trading platform Robinhood released a statement, adding that the platform has listed Cardano among its crypto offerings.
Apart from that, the platform has added three more cryptocurrencies. These are Solana, Polygon, and Compound, which are now available for users to trade and invest in.
The news of Robinhood listing SHIB was praised by the Shiba community, who have been non-stop commenting on the tweets of Robinhood for months, asking when it would list SHIB.
While much attention was given to SHIB's dramatic price rise, it wasn't alone in this. Against the market trend, both Polygon and Compound increased in price, spiking 7.2% and 26.2%, respectively.
Robinhood's official blog post addressed its recent decision of adding new crypto tokens. It cited heavy user interest as one of the elements that propelled it to list these cryptos. It said:
Over the past year, our crypto customers have consistently asked for two things: the ability to send and receive their tokens, and a broader selection of cryptocurrencies. We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto.
The platform has recently launched a new cash card offer alongside introducing Robinhood advanced charts
Read More: Robinhood Crypto Wallet Release Date: Robinhood Launches Crypto Wallets
Robinhood Future Listings: Which Crypto Is Next On Robinhood's Radar?
Robinhood's crypto additions have set the internet ablaze with speculation about which cryptocurrency token will bag the next Robinhood listing.
While Robinhood has been cautious in the past about adding new cryptocurrencies to its platform, the listing of these four additional coins suggests it is open to future cryptocurrency listings.
While many prominent cryptocurrencies are eyeing Robinhood, the speculation spree is especially strong with those with the top market caps. These include Polkadot, Cardano, Terra, and Avalanche. However, with Robinhood listing Compound, the now 83rd largest cryptocurrency, more tokens have a chance of getting listed.
It's been a while since Robinhood has added new crypto to their new listings.
It can be due to multiple factors as tbe current bear market is driving many crypto businesses out of the way.
The recent market-down scenario with the ongoing Celsius network lawsuit, and Coinbase being embroiled in bankruptcy rumors might be a few reasons why Robinhood may be acting a bit cautious on its part.