Robinhood, a popular stock and cryptocurrency trading app, has listed several more digital assets, including meme-coin Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC) and Compound (COMP). It caused a spike in the price of SHIB by 20%.
The company later announced on Twitter that it is giving away $100,000-worth of the new cryptocurrencies it listed.
The price of SHIB jumped by 20% after adding support for the asset. At the moment, SHIB is currently trading for $0.00002674, according to CoinMarketCap data, having cooled slightly but still up 16% for the day.
Meanwhile, SOL, COMP and MATIC are both up about 5% over the same span.
SHIB not only spiked the most, it is the best performing cryptocurrency in the past 24 hours. The token is the 15th biggest digital asset, with a market cap of $14.6 billion. It runs on the Ethereum network and seemingly sprung out of nowhere last year to become a significant player in the crypto world.
As a meme coin, though, it doesn’t have much utility: you can’t really spend SHIB anywhere and it’s not clear what it was created for, other than a joke, much like its predecessor Dogecoin. Meme coins are cryptocurrencies based on an internet joke or popular meme that celebrities or online communities pump.
Polygon is an Ethereum sidechain that was designed to speed up transactions and ease the load on the main Ethereum network. Its native coin MATIC, which is used to pay for transactions on the Polygon network, is the 16th biggest cryptocurrency by market cap and was trading for $1.43 at the time of writing.
Compound, a decentralized finance (DeFi) project for taking out loans, is currently trading for roughly $129.25 with a market cap of $868 million. Solana, a layer-1 blockchain network that aims to compete with Ethereum, holds the position as the sixth biggest cryptocurrency and is trading for $106.71.
Robinhood has been making moves in crypto in recent days; at the Bitcoin 2022 conference, it announced that it’s making plans to add the Bitcoin Lightning Network to its platform to enable speedier BTC transactions.
The announcement came some six months after Robinhood announced that it would develop a wallet feature enabling users to deposit and withdraw crypto-assets; a beta of the wallet launched in January, allowing select users to transfer Bitcoin, Ethereum, and Shiba Inu’s rival meme coin, Dogecoin.