© Reuters. Lots of hype and less Wow? How Shiba Inu and Robinhood have behaved since Meme Coin listing
There was a lot of hype surrounding how a Robinhood (NASDAQ:) Markets, Inc. (:HOOD) listing would potentially send (CRYPTO: SHIB) to the moon.
With over three weeks after registration, here is a reality check on how Shiba Inu has fared since being registered on the trading app.
Did the SHIB list help? Robinhood allowed its customers to buy and sell four additional cryptos, including SHIB, starting April 12, the company revealed in a blog post. Other cryptos that reached the app included Compound (CRYPTO:COM), Polygon (CRYPTO:MATIC) and (CRYPTO:SOL). With these additions, the number of coins that can be traded on Robinhood has increased to 11.
Robinhood’s decision to add SHIB came after tremendous pressure from the loyal crypto community. They argued that it would even boost the trading app’s trading volume. Robinhood executives had explained their apprehensions by suggesting that they didn’t want to get in trouble with the SEC by indiscriminately listing cryptos.
Since April 11, Shiba Inu has lost approximately 9.1% of its value. It rallied to $0.000030 on listing day, but has since fallen back. Robinhood’s stock, meanwhile, lost about 8.2% following the SHIB listing.
Related Link: Robinhood Analyst: The Trading App Could Be Gen Z Charles Schwab (NYSE:), but faces these short-term pressures
Has external noise skewed the desired results? The lack of lift for crypto and stock in the trading app can be linked to several external factors. The broader market experienced a slump during the said period, driven by a host of factors. The SPDR S&P 500 ETF Trust (NYSE: SPY (NYSE:)), seen as a proxy for the broader market, lost about 1.8% from May 11 to today.
Fears of Fed tightening and jitters over geopolitical tensions dampened investors’ risk appetite.
Robinhood’s stock, meanwhile, was hurt by the trading app’s disappointing performance in the first quarter. The impact of Shiba Inu registration will not begin to be reflected in Robinhood’s trading volume until Q2.
When last verified, SHIB was seen down 0.46% to $0.00001984, according to data from Benzinga Pro. Robinhood closed Friday’s session at $10.12, down 4.62%.
Related Link: Is Shiba Inu a Good Investment
Photo: Created from an image from Diverse Stock Photos on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read to Benzinga
Read the original article on Benzinga