Money and Markets

Robinhood lists shiba inu coin, other popular altcoins as trading app looks to boost crypto offerings

Business Insider US
Yuki Cheung/EyeEm/Getty
Yuki Cheung/EyeEm/Getty
  • Robinhood listed Shiba Inu, Polygon's MATIC, and Compound's COMP tokens on Tuesday.
  • Retail traders and Twitter users have long called for the platform to add the popular meme token.
  • Shiba Inu soared about 8% on Tuesday.
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Robinhood was trending on Twitter on Tuesday morning as users celebrated the listing of shiba inu coin on the popular trading app. 

The trading app also listed Solana, Polygon's MATIC, and Compound's COMP tokens. Shiba inu surged roughly 8%.   

Crypto investors had been eagerly anticipating the addition of shiba inu to the app, and some have speculated that Robinhood's declining crypto trading revenue would compel it to add more altcoins and meme tokens to the platform.

Before the recent listings, Robinhood offered seven cryptocurrencies, including bitcoin, ether, and dogecoin.

Robinhood's new additions come less than a week after it announced at the Bitcoin 2022 conference that it had begun rolling out its crypto wallets to its 2 million-strong waiting list.

Users of Robinhood's WenWallets can send and receive cryptocurrencies, and also purchase NFTs. 

"With Wallets, customers will have full access to their crypto, and can use it to participate in the crypto ecosystem — by tipping on social media, paying for NFTs and more," Robinhood said in a press release, adding there will no fee to withdraw crypto from the company. 

Shiba inu coin soared 45,000,000% in 2021, as meme coins rallied alongside other speculative investments during the course of the pandemic.

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