Hedera Defies Crypto Selloff After Robinhood Listing — Dogecoin, Stellar Lead Losses

The price of the crypto token Hedera (HBAR) trended upward during U.S. market hours, even as the rest of the cryptocurrency market moved lower after Robinhood (HOOD) announced on Friday that it would be listing HBAR on its exchange.

Hedera’s price gained 0.7% in the last 24 hours – the only cryptocurrency among the top 20 by market value to be in the green at the time of writing. Open interest in Hedera rose 3.69% over the past day, according to data from Coinanalyze.

On Stocktwits, retail sentiment around the altcoin remained in ‘neutral’ territory as compared to a day ago. Traders on the platform anticipated that the token would experience the ‘Robinhood’ effect – a phenomenon where any newly listed token sees its price surge after listing.

Meanwhile, Bitcoin (BTC) and other major tokens were in free fall. Bitcoin’s price tumbled more than 3% over the past day, while Stellar (XLM) and Dogecoin (DOGE) took the biggest hits, dropping by over 8%. The overall cryptocurrency market cap fell as much as 6.7% in afternoon trade on Friday. 

Hedera is the 29th cryptocurrency to get listed on Robinhood as the platform expands its crypto offerings. Beyond Bitcoin and Ethereum (ETH), Cardano (ADA), Solana (SOL), and Ripple’s native token XRP (XRP) are also listed on the exchange.

The platform has also expanded to include meme coins like Pepe coin (PEPE), Pudgy Penguins (PENGU), and Popcat (POPCAT).

Robinhood’s stock rose more than 3.7% in afternoon trade on Friday. The shares have gained around 167% this year so far and nearly 400% over the past 12 months. 

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