Traders on the Robinhood platform can now convert their dollar cost average into an asset that gives them a commission. Small dogecoin investors can earn a steady stream of income through this new feature since 64% of the platform’s revenue comes from crypto services.
Several Benefits For Traders
Part of the announcement, which was released today, shows that investors can receive their earnings per week, twice a week, and twice a month. Robinhood has set the minimum investment amount to $1 and won’t be charging any trade fees to ensure that many people start using the feature. The platform also announced that anyone who buys $100 worth of BTC using this feature would instantly be given that equivalent amount.
Robinhood also announced that it processes transactions related to this feature between 6.30 pm and 8.00 pm daily. The platform further clarified that some traders’ crypto balance might be less than their set purchase amount. This could happen when the market is highly volatile, but traders will get their refunds in cash once they complete their trade. However, New York residents can’t access this service presently.
Robinhood’s popularity has soared since the beginning of this year. Robinhood’s second-quarter earnings report showed that its crypto-related offerings account for 42% of its earnings. A percentage that translates to $234m out of $566m. For perspective, Robinhood only made $5m earnings throughout last year.
Coinbase Pro Adds Shiba Inu Again
Coinbase has disclosed that traders can now trade on Shiba Inu (ship) on its exchange. Per the announcement, trading will be live today once there is enough liquidity. Shiba Inu, an offshoot of dogecoin, is named after the Shiba Inu dog breed. However, Shiba Inu has overtaken dogecoin in terms of circulating supply. Dogecoin has 100b tokens in supply while Shiba Inu has 395 trillion tokens in circulating supply.
There have been several campaigns on various social handles promoting both tokens in an effort to push their respective prices to $1. However, these campaigns fail to realize that these tokens’ maximum circulating supply makes it almost impossible to push the prices to $1. Hence, it wasn’t any surprise when TikTok banned crypto campaigns from its platform earlier in the year.
The Wild Aspect About Shiba Inu
One strange thing about Shiba Inu is the distribution of its supply. When the Shiba Inu team sent 50% of its toke supply to Ethereum CEO, they sent it to him with the assumption that he would burn it. However, this move turned out to be a mistake as Buterin sold the tokens sent to him and other ones he had been gifted for a total sum of $60m.
He gave part of these proceeds to various charities while he gave the remaining to bitcoin’s grants initiative. This sale caused a massive decline to Shiba in token price within a few days. Despite this issue, Coinbase Pro’s listing of the token is a sign of its confidence in the rallying power of the coin. Also, it is proof of the exchange’s mission to list every token available worldwide.