Robinhood Sparks Crypto Rallies After Listing Dogecoin Rival Shiba Inu (SHIB) And Three Additional Altcoins


US retail trading giant Robinhood just added four new cryptocurrencies to its lineup, triggering rallies as the rest of the digital asset markets stagnate.

The exchange platform is launching surprise support for Dogecoin rival Shiba Inu (SHIB), smart contract platform Solana (SOL), Ethereum scaling solution Polygon (MATIC) and lending protocol Compound (COMP).

The four crypto assets will now be accessible by Robinhood’s massive userbase of 22.7 million people, as per 2021 numbers.

As part of the reveal, Robinhood said it would be giving $100,000 worth of SHIB away to the first 10,000 people who retweeted the announcement.

Despite Bitcoin (BTC), Ethereum (ETH) and most of the crypto markets weathering significant corrections over the last week, three of the four altcoins enjoyed modest bounces.

Polygon (MATIC) jumped 7% from $1.37 to $1.44 on the news, COMP bounced nearly 8%. Shiba Inu (SHIB) recorded a 30% rally from $0.0000229 to $0.0000287, and has since held onto most of its gains.

The DOGE competitor is currently up 16% on the day, and a massive 24597.2% over the last year, despite being well away from its all-time high.

Solana remained mostly unaffected by the news and currently sits up 0.3% on the day.

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Featured Image: Shutterstock/KeremGogus/WindAwake

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