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Robinhood Trading Revenues Fall In Q3 – Shiba Surpasses Doge.

In premarket trading on Wednesday, shares of Robinhood Market Inc. dipped below its IPO price, a day after the online trading platform disclosed lower-than-expected third-quarter revenues due to a drop in cryptocurrency trading.

Shares of Robinhood fell 10.44% to $35.44 a share in premarket trading Wednesday, more than $2 below their $38 IPO price and less than half of their $85 peak, on news of sluggish trade in cryptocurrency like Dogecoin (DOGE).

The dip happened after more than 333,000 individuals signed a change.org petition titled “Kindly request of Robinhood to offer Shiba Inu currency!” with the link URL stating that the trading platform would benefit if it listed the coin.

Shiba Inu coin has risen to become the 11th-largest cryptocurrency, with a market valuation of about $24 billion, putting it within striking reach of Dogecoin’s $29 billion market cap, spurred by speculations of a Robinhood IPO.

The retail investment COVID-19 boom has benefited a number of companies, including Robinhood. While its equities arm performed most of the labor over the last 18 months, bitcoin trading on the platform took off in the second quarter of 2021.

On a teleconference with analysts, Robinhood CEO Vlad Tenev stated, “Looking back at Q2, we observed a strong interest in crypto, notably Doge, leading to high numbers of new consumers joining the platform and record revenues.”

However, crypto activity “declined from record highs in the preceding quarter, resulting in significantly fewer new funded accounts,” according to Robinhood.

Shiba Inu (SHIB), on the other hand, haven’t seen a drop in popularity. Restaurants in Paris are already accepting the currency.

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