Home News Robinhood share price down 70% from August high

Robinhood share price down 70% from August high

289
0

Could expanding Robinhood’s cryptocurrency offers to assist the company’s prospects as its stock price falls?

Robinhood is a financial services firm that also serves as a retail trading platform for everyday people. It is well-known for its meme stocks, and it presently trades seven different cryptocurrencies.

Robinhood (HOOD) has dropped over 70% from its all-time high of $70.39 to $25.94 since August 4, and it has been trading below the $38 IPO price for weeks. As the epidemic era ends and people return to their workplaces to work, other variables are contributing to the dip, including a drop in crypto and meme stocks day trading.

Dogecoin (DOGE) trading contributed 41% of Robinhood’s overall income in Q2 2021, and 62% of the $233 million in cryptocurrency trading revenue.

Cryptocurrency trading, on the other hand, plummeted by 79% in Q3, accounting for only 19% of overall income.

Chris MacDonald, a TipRanks writer, feels cryptocurrency is likely the key to Robinhood’s long-term success.

“Robinhood looks to be stepping up its attempts to become the most popular cryptocurrency exchange. Those who believe that cryptocurrency is genuine and here to stay should investigate this firm right now.”

The community is making a major push to list SHIB on Robinhood

Robinhood’s wallet function is likewise in high demand, with over 1.6 million people on the waiting list. As of the conclusion of Q3 2021, this represented around 7% of the overall user base. Others may merely wish to withdraw their existing tokens from Robinhood’s platform, while others want to trade more using the wallet.

Shiba Inu is yet to be listed by the brokerage (SHIB). The community is making a major push, with 541,000 signatures on a petition to list SHIB on Robinhood. Kraken, a competitor, introduced SHIB trading this week, which resulted in a 30% price hike. Given the potential to recreate the gains observed during the DOGE trading frenzy in Q2, such price behaviour may help persuade Robinhood of the virtues of listing the memecoin.

Robinhood is testing a cryptocurrency wallet

HOOD seems to be seen favourably by Wall Street for the time being, despite the current price slump. Thirteen analysts on Nasdaq have set a price objective of $45 on the stock, representing a 73.3% increase in value.

Previous articleIndonesia’s Central Bank called CBDC a tool to combat crypto
Next articleBitcoin fails ‘worst-case scenario’ monthly close for the first time, starts December sub-$57K