If You Invested $1,000 In Solana When Robinhood Removed The Cryptocurrency, Here’s How Much You’d Have Now
By Benzinga
The 2023 year has been one of many huge headline news items for the cryptocurrency sector, including many concerning regulation and the treatment of tokens as securities.
Several trading platforms have made decisions to delist tokens. Here’s a look at the timing of one notable delisting and how well the cryptocurrency has done in the short time period since then.
What Happened: Stock trading and cryptocurrency trading platform Robinhood Markets Inc (NASDAQ:HOOD) is one of the largest trading platforms for retail traders.
Robinhood allows the buying and selling of several cryptocurrencies including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Due to the pressure of regulations about cryptocurrencies potentially being considered unregistered securities, Robinhood announced changes to what cryptocurrencies it would offer for trading in early June.
On June 9, 2023, Robinhood announced that it would remove Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA) and Polygon (CRYPTO: MATIC) from the platform.
Traders were told they could still buy and sell the three tokens up until June 27 at 7 p.m. ET. At that time all unsold cryptocurrencies of the three tokens that were not sold or transferred to another wallet would be cashed out at market value.
Since the timing of the delisting, the value of several cryptocurrencies has risen, helped in large part to a landmark ruling over the XRP Token (CRYPTO: XRP) associated with Ripple.
Here’s a look at how investing in Solana at the time of the delisting could have been a well-timed move.
Related Link: How To Buy Solana
Investing $1,000 in Solana: On the day of the delisting from Robinhood, Solana traded in a range of $16.18 to $16.91. A $1,000 investment could have purchased 61.80 SOL at the intraday low.
The $1,000 investment would be worth $1,433.76 today, representing a return of 43.4% in less than a month.
The investment in Solana would have fared better than taking the money from the cryptocurrency and investing it in other leaders like Bitcoin and Ethereum, which are down 4.0% and flat over the same time period respectively.
While Solana has gained over 40%, the other two delisted cryptocurrencies of Cardano and Polygon are up 8.6% and 12.4%, respectively, over the same time period.
The investment in Solana would have also outperformed the SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500. The ETF is up 5.3% over the same time period.
