This morning, fintech trading platform Robinhood added four new crypto tokens, bringing the total to 11. The new products are high-flying ethereum competitor Solana (SOL), dog-themed meme coin Shiba Inu (SHIB), ethereum scaling technology Polygon (MATIC), and the original decentralized finance token Compound (COMP).
An hour after the news, SHIB jumped nearly 25%, while other stocks started jumping in the high single digits.
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However, each of these tokens struggled in 2022, with SHIB leading the way with a year-over-year loss of just 17%. COMP, SOL and MATIC are all down around 40%. By comparison, Bitcoin is down just 15% year-to-date, and was practically breaking even before pulling back last week.
Each of these tokens has a tough start to TRADINGVIEW 2022
Since Robinhood began offering crypto trading in 2018, customers have been vocal about the opportunity to buy and sell more coins. SHIB in particular has been in the spotlight for investors as it is seen as a complementary token to Dogecoin, which became one of Robinhood’s most traded assets when it was added in the summer of 2018. The company has so far avoided listing SHIB on exchanges, but fears its excessive volatility, even for cryptocurrencies.
In fact, Aparna Chennapragada, Robinhood’s chief product officer, noted at the Bitcoin 2022 conference in Miami last Thursday that Bitcoin is the firm’s highest-returning “buy” asset so far this year, with Ethereum at No. 3 and Doge at No. 3. Coin ranks third. 6th place.
While Robinhood’s 11 tokens are significantly higher than PayPal’s four (Bitcoin, Ethereum, Litecoin, Bitcoin Cash) or the Blocks Cash App, which only focuses on Bitcoin, Coinbase, Kraken, Binance, and FTX, among others Dedicated cryptocurrency exchanges offer dozens, sometimes hundreds or thousands of assets and trading pairs.
