Robinhood Lists Cardano (ADA), SHIB Moment Incoming?

Robinhood Lists Cardano (ADA), SHIB Moment Incoming?
  • Robinhood has listed Cardano (ADA) on its platform.
  • This sets the stage for ADA to gain access to 23 million users.
  • It remains to be seen whether ADA will pull off a spectacle akin to Shiba Inu.

Commission-free trading application Robinhood announced that it has listed Cardano (ADA) on its platform. At the time of writing, trading of ADA on the platform has now gone live.

The news was well received by ADA supporters, among them some known crypto personalities such as Dan Gambardello. In a tweet, he said that this will provide an opportunity for ADA to gain exposure to 23 million Robinhood users. 

“Like it or not, exchanges are the biggest doorways for new users to enter crypto,” Gambardello acknowledged. “Robinhood listing ADA gives Cardano exposure to 23 million users.”

According to Statista, the figure is only 22.9 million.

It remains to be seen, however, whether ADA will pull off a spectacle akin to Shiba Inu (SHIB). In detail, when SHIB got listed on Robinhood back in April 2022, the meme coin skyrocketed by up to 30% after traders caught wind of the listing.

At the time of writing, ADA is changing hands at $0.447, according to CoinGecko. This is a decline of 2.4% in the last 7 days.

On the other hand, various financial markets — including the stock market — are down. In the crypto market, Bitcoin fell from $20,000 again despite recapturing the crucial support yesterday. Overall, the crypto market has a market capitalization of $1 trillion.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.