Elain Brown Tech 04.13.2022 01:Apr AM EDT

Shiba Inu Cryptocurrency Spikes After Robinhood Crypto Wallet Release: Listing Includes Solana, Compound, and Polygon

Shiba Inu cryptocurrency has been spiking as Robinhood rolls out its crypto wallet. Yesterday, April 12, the trading brokerage company, Robinhood, welcomed the addition of four major cryptos to their platform.

The Robinhood crypto wallet was made available to its users, resulting in a price movement for the four new coins: Compound (COMP), Polygon (MATIC), Shiba Inu (SHIB), and Solana (SOL).

Shiba Inu Robinhood

Shiba Inu prices skyrocketed on April 12 after the coin made its debut on Robinhood. According to Cointelegraph, the SHIB price increased by more than 35% to 0.00003, its highest level in nearly two months, before paring some of its gains.

Although it is worth noting that Shiba Inu crypto has been on track to its best daily performance since February 6, when it gained nearly 27% in a single day. Since the outbreak of the pandemic began in March 2020, Robinhood has emerged as the go-to investment platform for everyday investors.

Robinhood reported that it added 10 million funded accounts to its platform last year, with more than half of those new accounts being opened by first-time investors.

Shiba Inu's price is now at $0.000027 with an 18.69% increase in market cap.

Robinhood Listing

Robinhood traders and investors have always expressed interest in requesting the company to extend its reach beyond stocks and delve into the cryptocurrency market.

After users have aggressively lobbied the request, Robinhood has finally added the crypto wallet on their platform. With that, the Shiba Inu cryptocurrency listing was made available.

Along with Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP) also received a warm welcome in Robinhood by seeing visible increasing-price movement.

According to Coindesk, there was a point where the Shiba Inu price reached a 7% increase. SHIB joins Dogecoin's DOGE as the second meme coin to be listed on Robinhood. In addition, Compound crypto increased by 6.6%, MATIC increased by 3.5%, and SOL increased by 2%.

The announcement of the new offerings comes after Robinhood made its crypto wallet available to millions of users who had been waiting to use it.

Steve Quirk, Robinhood's chief brokerage officer, stated, "As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform."

Robinhood Crypto Wallet

Robinhood crypto wallet allows its users to have direct control of their assets. Users have the opportunity to send up to $5,000 in bitcoin or make a total of up to 10 transfers in a 24-hour period.

Robinhood users can use the wallet to purchase NFTs and send crypto to other crypto traders without incurring withdrawal fees, but it cannot store NFTs and is only capable of holding cryptos that Robinhood trades on its platform.

Cryptocurrency purchased using the Robinhood crypto wallet can be withdrawn after 5 business days. As reported by iTechPost, "the amount of the gas fee charge is determined by the coin in question and the number of other transactions taking place on the coin's network."

However, it is important to note that Robinhood users can only receive coins that are tradable on the platform: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

Robinhood cautions users to make sure they only transfer coins that are recognized by the platform. In addition, the company states that "any unsupported coins sent to your Robinhood account may be lost and the transactions are irreversible."