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As Robinhood crypto continues to expand its catalog, it will have to consistently add new cryptos to its portfolio in order to match its competitors like Binance, Coinbase and Crypto.com. With recents news that Robinhood has acquired UK based Cryptocurrency platform Ziglu, could Robinhood be looking at Ziglu’s catalog with the hopes of adding the same coins to Robinhood crypto? On April 12, Robinhood announced it listed 4 new cryptos (Solana, Shiba Inu, Compound, and Matic) to its platform, half of which (Solana and Matic) were already tradeable on Ziglu. If Robinhood Crypto is going by Ziglu’s listings to decide what to add to its portfolio we can predict which cryptos will be included in Robinhood next.
Currently, Ziglu has a handful of cryptos that users can buy and sell. They are, Chainlink, Cardano, Polkadot, Bitcoin Cash, Zcash, Tezos, Matic, Litecoin, Bitcoin, Solana, Dogecoin and Ethereum. 7 out of these twelve coins are available to trade on Robinhood while the following Five are not : Chainlink, Cardano, Polkadot, Zcash, Tezos. Are these the next cryptos that will be listed on Robinhood? All five cryptos mentioned have been popular within the past year but their “buzz” has been muted the past couple months as evidenced by the graphs below which show their decreased web chatter. Despite the decreased online presence of these cryptos, they are still among the most sought after digital assets around if we compare them based on their coinmarket cap rankings. CoinMarketCap is a website that offers us the rankings, cost, charting and background information of every coin on the market. When cryptos are ranked based on their market cap (circulating supply X Cost), we find the following standings for our five cryptos: Cardano is #9, Polkadot is #11, Chainlink is #24, Tezos is #44 and Zcash is #50. These rankings always fluctuate with price but all five cryptos are currently within the top 50 out of THOUSANDS of available altcoins (Cryptos besides Bitcoin). Robinhood choosing to list them would not at all be surprising especially when we add to the fact they’ve just acquired a company that already has these cryptos listed.
However, We must remember that Robinhood also added two other cryptos that weren’t tradeable on Ziglu: Shiba Inu and Compound. With that being said, we should expect Robinhood to list a couple of cryptocurrencies that aren’t found on Ziglu. I’m willing to bet one of those cryptocurrencies will be a meme coin, specifically Dogelon Mars. Dogelon Mars is a crypto much like dogecoin. The meme it is based on is Elon Musk and Dogecoin; That’s why its logo is a Shiba Inu with a face similar to Musk’s in a suit and why its trading moniker is $Elon. It was revealed that in Q2 of 2021, the majority (62%) of Robinhood’s crypto revenue was due to Dogecoin. So, Robinhood is trying to find another excitable meme coin that a frenzy can be built around and in effect, repeat the same thing as dogecoin. Since Robinhood is trying to find another meme coin like Dogecoin that will help with its revenue then why not add Dogelon Mars?. On April 20, rumors were rampant that Dogelon Mars had a listing in the works with Binance. IF the rumors are true, then Dogelon Mars will gain a huge boost in credibility with its Binance listing and Robinhood should take notice.
With Robinhood trying to add new cryptos to its portfolio, it should not be left without saying that they are looking for popular cryptos that will bring in revenue. Robinhood was able to benefit from the meme coin frenzy in the past, so bringing Dogelon Mars to the mix alongside Dogecoin and Shiba Inu on their platform wouldn’t be out of the ordinary. We can determine that Chainlink, Tezos, Zcash, Cardano and Polkadot are very much in demand due to the fact that they are in the top 50 out of thousands of cryptos based on market cap. On top of that, Robinhood is doing business with Ziglu, a company that has those 5 specific coins listed. Last but not least, although Zcash is the lowest ranked crypto in our list, Robinhood users can already see real market data for Zcash when they use the platform. If that’s not a hint that Robinhood plans on adding it in the future, I don’t know what is.
