Robinhood adds Dogecoin: It was all smiles yesterday when Robinhood, a stock trading app, revealed that it added Dogecoin to its platform. But behind the scenes, some are unsure of this event.
Foes say Dogecoin is a parody cryptocurrency. Moreover, they say that because Robinhood supports less than ten digital currencies, many believed the company to be selective over the coins they carried. On the other hand, fans say despite its bizarre nature, Dogecoin has accumulated mainstream interest and has witnessed price peaks throughout the year.
Robinhood Adds Dogecoin, But There’s More
On the market for the past five years, Robinhood has had its share of successes. There have been game-changing announcements, such as the addition of Bitcoin Cash and Litecoin, something that customers have wanted for a while.
Robinhood customers have also expressed an interest in “buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” explained the company in a post last week.
— Robinhood (@RobinhoodApp) July 12, 2018
Some rumors have even floated around the crypto industry that claim that the stock trading app is planning on making a crypto wallet.
Perhaps, however, the addition of Dogecoin will garner the most attention in the weeks to follow.
What Do You Mean, Robinhood Supports Dogecoin?
Choose first; then trade. It’s that simple. If you’re a stock trader on Robinhood, and you’re looking to move into crypto, you will now see Dogecoin on the list of available digital assets for trading. There will be four others listed as well: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Dogecoin is now available on Robinhood Crypto, commission-free. https://t.co/EAbLmaxtjN
— Robinhood (@RobinhoodApp) July 16, 2018
Dogecoin Price and Dogecoin Predictions
You can’t deny that Dogecoin is benefitting from the Robinhood listing. At press time, the altcoin was selling for $0.002951, which means the coin is up 12.37% in the past twenty-four hours. It is currently the 30th largest digital currency by market cap.
That said, even though Dogecoin is up more than 10%, there doesn’t appear to be much of a dent in the Dogecoin price, which suggests that perhaps the market isn’t overly excited about Robinhood supporting the parody coin—at least not in the long-term; the more than 10% surge could fade quickly.
Or, the opposite could happen. Dogecoin has received critical acclaim, has witnessed price peaks, especially in January of 2018, is known for its focus on zero-fee trading, and has received investments from American rapper and entrepreneur Jay-Z.
So who knows? Parody or not, lack of increase in price or not, Robinhood decided to list Dogecoin over other coins (like Ripple [XRP]) for a reason.
Only Time Will Tell
Robinhood adds Dogecoin as a digital asset available for trading, but will this benefit both Dogecoin and the stock trading app in the long-run? Let us know what you think in the comments below!
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