Trading platform Robinhood is rolling out a new feature that allows crypto investors to buy digital assets commission-free on a recurring basis.
The firm behind the popular trading app says that the feature enables investors to regularly buy coins for as little as $1 on a daily, weekly, biweekly or monthly schedule.
The new feature introduces dollar-cost averaging, which involves investing money gradually at regular intervals regardless of the price of the asset. The strategy can reduce the impact of price fluctuations in the volatile crypto markets.
“Saving is a habit and recurring investments introduce a strategy to grow holdings over time while potentially reducing the impact of market volatility. The crypto markets can be volatile due to the nature of the industry. Investing on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing the markets.”
The company says its new crypto recurring investment tool will be a more efficient way to gain exposure to digital assets. Robinhood says they are rolling out the new feature to all customers this month.
In January, Robinhood restricted its customers from buying crypto altogether, citing “extraordinary market conditions.” The firm also halted its users from buying shares in Gamestop (GME), which rapidly rose in price partially stemming from the retail trading buzz on Reddit.
Robinhood to Set Record Straight on Rumored Shiba Inu Listing During Today’s Earnings Call
Will Robinhood list Shiba Inu? This question is top of mind for individual investors who are waiting for the company’s earnings call
According to investor communications platform Say Technologies, the top question submitted by Robinhood investors ahead of the company’s Q3 earnings call is whether or not the online brokerage app plans to list the Shiba Inu cryptocurrency.
Proponents of the potential listing claim that the company’s reluctance to add new cryptocurrencies new crypto assets might hurt its revenue:
Many of the competitors have added various cryptocurrencies to buy and sell, yet Robinhood hasn’t added any new cryptocurrencies in over two years.
In the second quarter, Dogecoin transactions accounted for 34% of all transactions.
Robinhood, which claims to be at the forefront of democratizing finance, started answering some of the top-voted questions submitted by investors during its Q2 earnings call.
All inquiries are submitted through Say Technologies, which Robinhood acquired in early August.
A Change.org petition to add Shiba Inu to Robinhood has reached 324,000 signatures.
Last week, CEO Vladimir Tenev avoided directly answering the question about the hottest meme token.
JPMorgan Has Bearish Warning About Dogecoin and Robinhood
JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin
JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.
In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.
As reported by U.Today, the meme cryptocurrency accounted for a whopping 62% of the firm’s crypto-related revenue in Q2.
Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:
While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.
Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.
In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.
Robinhood is set to announce its Q3 earnings on Oct. 26.
Robinhood Has Not Listed Shiba Inu Yet, But They May Be Very Close!!
The crypto space has calmed down a little after undergoing a massive rally in the past couple of days. As Bitcoin price headed very close to $70,000, many other altcoins like Ethereum, Polygon, Solana, etc followed. Despite the market appearing to be pretty bullish, yet Shiba Inu price remained seemed to have cemented at certain levels. However, if the circulating rumours come true, then SHIB price may lead to yet another notable rally soon.
Robinhood On The Brink Of Listing Shiba Inu?
The rumours of Robinhood listing Shiba Inu is circulating ever since the meme token initiated its trade on Coinbase Pro. The ShibaArmy coiled up together to push the need of listing on Robinhood. Yet no confirmations or any sign of positive developments were witnessed. In a recent move, many indications point out that the listing may be on its toes.
Ever since the SHIB price eliminated a zero and ranged more tha 300%, the campaign to request the listing has again surfaced the water. Amid the petition requesting the listing outspread in the space, Robinhood itself signals listing to be very soon. A popular Stock Market and Crypto Market Analyst, Del Crxpto broke the news of listing to his 278K followers recently.
I have a source who has confirmed, @RobinhoodApp will be added to $SHIB.
They say the atmosphere at @RobinhoodApp is high tension, as company heads fear further SEC trouble can result from leaked info regarding $SHIB launching on the platform.— Del Crxpto (@DelCrxpto) October 21, 2021
According to the analyst, the environment regarding the listing is very much heated up & tense within Robinhood. As the platform fears an action from SEC due to the leaked info on the listing. Moreover, the insider source from the Robinhood team revealed that the infrastructure is in place to launch SHIB as the work on the backend and frontend is at lightning speed.
An email is reportedly being circulated which is said to be from the Robinhood team which claims the listing to be on the toes. Also, a survey on the App is also making rounds that intend to know the crypto their customers are dealing with in the past 3 months. Interestingly, Shiba Inu has made into the options provided.
Shiba Inu(SHIB) Price Analysis
The asset in the recent past underwent a nearly 300% rally in just 3 days and successfully attained levels above $0.00003000. No doubt it did experience a slight pullback, still standing strong above $0.00002700. And hence showcasing the resurgence of the bull rally very soon which aims to kill yet another zero.
The price is trending within the descending parallel channel ever since it attained the monthly highs. The strong resistance lies between $0.00002880 and $0.00003022 and hence piercing through these zones is mandatory. But the point to be noted is that the price faced multiple rejections very close to $0.00003000 and huge induced liquidity may only uplift the price.
Collectively, it is been assumed that the whales are pressurizing the retail traders to sell off their assets quickly. Therefore, analyzing the narrow trend of Shiba Inu price, traders may just close their positions. However, if the rumours come out to be true, then SHIB price may explode with a blast eliminating another couple of zeros very soon.