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Highlights
- Shiba Inu now live for New York residents trading on Robinhood
- The brokerage firm also listed Avalanche and Compound
- Market is beginning to respond to the listing
Robinhood’s listing spree is still ongoing and the latest cryptocurrencies to gain further expansion to new regions on the platform including dog-themed Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP).
Robinhood Hosts SHIB, AVAX and COMP in New York
This listing is good news for residents of New York as they can now buy, sell, and trade these altcoins on the popular trading platform.
These digital currencies are a few of the numerous crypto that Robinhood has listed in the last couple of weeks. Notably, most of these listings are made considering the jurisdictions and the type of digital assets permitted.
At the beginning of April, the leading crypto trading platform announced its plan to list Optimism (OP) for European Union traders. Similarly, Solana-based BONK also joined the likes of Bitcoin (BTC), Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH) on Robinhood. This offering was equally for customers in certain selected EU countries.
While this suite of listings is a strategy for Robinhood to expand its reach, it is also a means for most of these assets to boost their adoption and utilization. A listing on a trading platform like Robinhood, which is believed to be reputable, can inject fresh momentum into a token’s price trajectory, offering increased visibility and accessibility to a broader 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 large range of digital assets to choose from.
So far, Robinhood holds a list of more than 30 curated digital assets.
Listed Altcoins May See Price Surge
Upon listing, most of these tokens, as seen in the case of BONK, usually respond positively in price. SHIB is up by 2% and currently trading at $0.00002661. The token also recorded a phenomenal surge in its burn rate.
Precisely, Shiba Inu’s burn rate has spiked by 2200% and this has ignited a bullish sentiment among crypto enthusiasts. AVAX has displayed a slightly positive move, with the coin up by 0.4% and trading at $38.57. COMP is also trading at $59.95 after registering a 0.90% increase within the last 24 hours.
In the coming days, these altcoins may see more price increases as they could gain additional recognition which may translate to increased engagement from traders.
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