Robinhood continues to add new listings daily. In this context, Shiba Inu (SHIB), considered the biggest rival of DOGE, Avalanche (AVAX) seen as a competitor to Ethereum, and Compound (COMP) have sparked excitement among investors.
Robinhood’s Decision on SHIB, AVAX, and COMP
According to recent news, there’s good news for investors trading in New York. It has been announced that investors living in New York can now trade SHIB, AVAX, and COMP on the popular trading platform.
These three altcoins are among the many cryptocurrencies listed by Robinhood in the past few weeks. These listings are carried out in accordance with the rules and obligations of judicial jurisdictions.
In the early days of April, Robinhood took a significant step. The platform announced its decision to list Optimism (OP) on behalf of European Union traders.
Similarly, Solana-based BONK has also made its way onto Robinhood alongside cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH).
While the listings on Robinhood are considered part of an access expansion process, they can also be seen as a way to increase adoption and usage for many of these cryptocurrencies.
Listing on a high-volume trading platform like Robinhood can bring visible excitement to a token’s price movement and provide a broader group of traders with more trading opportunities and access.
Robinhood’s strict policies have ensured that it currently has a list consisting of only more than 30 carefully selected digital assets.
Listed Altcoins Could See Price Increase
Following recent listing news, as seen in the case of BONK previously, most of these tokens generally showed a positive price response. SHIB, although it fell later, showed a 2% increase following the news. This situation also brought an extraordinary increase in SHIB’s burn rate.
Visibly, Shiba Inu’s burn rate increased by 2200%, raising expectations of a rise in the crypto world. AVAX rose by 0.4% following the news to $38.57 but later fell to $36.50 as it followed the market’s downward sentiment.
COMP, after the news, saw a 0.90% increase and was trading at $59.95. It too followed the rest of the market and later experienced a 4% drop to $57.28.
