Yesterday, Robinhood announced the addition of two new cryptocurrencies. These are MATIC, from Polygon, and SHIB from Shiba Inu.
The effects on the price of Shiba Inu and Polygon after Robinhood’s listing
It is worth noting that just after the listing was published, the price of SHIB went up significantly, while the price of MATIC went up much less.
We dropped new crypto 👀
And we're giving away $100K of it. Quote tweet this tweet with your Robinhood Username (@ included!) to get some 🪙 #RobinhoodCrypto
The first 10K quote tweets will receive $10 of SHIB. pic.twitter.com/0jsBKYfJvw
— Robinhood (@RobinhoodApp) April 12, 2022
Indeed, Shiba Inu jumped in two hours from just under 0.023 thousandths of a dollar to just over 0.028, a gain of over 21%.
However, it is worth noting that yesterday, before this spike, the price had fallen from 0.026 to 0.022, and that after touching 0.028 thousandths it fell again to around 0.027 thousandths.
Compared to the price of 24 hours ago, the current price has risen by 17%.
Despite the fact that the Shiba community has been expecting the listing on Robinhood for a long time, yesterday’s news seems to have taken them by surprise, so much so that the news was not priced in by the market in advance, as is usually the case.
Currently, the price of SHIB is 25% higher than it was a month ago, but still 68% below the all-time high of late October 2021.
The token has slipped to 15th place among the largest market capitalization cryptocurrencies, surpassed by two stablecoins (BUSD and UST) whose overall value does not depend on price. It is not far behind Dogecoin.
As far as MATIC is concerned, the matter has been different, perhaps because the market had already priced in this hypothesis.
Yesterday the price only rose from $1.33 to $1.47, a gain of 10% in eleven hours, and then ended the day with a rather normal +4%.
MATIC is up 5% from a month ago, and down 50% from its all-time high in December 2021.
Not just MATIC and SHIB
Yesterday, however, Robinhood also announced the listing of two other cryptocurrencies, namely Solana’s SOL and Compound’s COMP.
Solana, which is now capitalized more than Cardano and only slightly less than XRP, recorded a modest +1.7% compared to yesterday, probably because the markets had already largely priced in this hypothesis. SOL is up 31% from a month ago but is still 60% below its all-time high.
COMP, on the other hand, was up 12% yesterday after the news broke, ending the day up 8%. Despite being 33% higher than a month ago, it is still 85% below its all-time high of May 2021.
So in none of these four cases has the news of the Robinhood listing been able to bring the price closer to its all-time high, making it clear, if proof were needed, that the current situation is one of a bear market. It remains to be seen whether there will be a reversal of the trend in the short term or not.