Robinhood Listing Fails To Generate A Strong Bullish Path For Cardano

American financial services company, Robinhood Markets, has listed Cardano (ADA), which is a rival to Ethereum (ETH) and Solana (Solana) cryptocurrencies, and the eighth biggest coin in the space.

Whenever a cryptocurrency is listed on an exchange like Robinhood, which gives exposure to stocks as well, a bullish wave is followed as the users of the platform attempt to capitalize the listing.

This happened in the case of Shiba Inu (SHIB), the world's second-biggest meme coin, which when listed on Robinhood, caused a price spike of 30%, as recorded CoinTelegraph.

According to CoinMarketCap, as of 1.54 am ET, the price of 1 ADA is $0.4567, up by 1.66% in the last 24 hours, while the trading volume of the coin jumped by only 9.75%. The market dominance of the token stands at 1.58, while the ADA coin is 85.26% low from its all-time high of $3.10 noted a year ago on Sept. 2, 2021.

ADA was priced at $0.02211 on Sept. 10, 2017, and went on to reach $1.07 on March 1, 2018. By April 7, 2018, the token was at $0.1488 and went on to make another high of $0.3724 on May 2, 2018. After dropping as low as $0.040 in April 2020, a new all-time high of $3.10 was witnessed the next year.

It seems the Robinhood listing event failed to ignite a bullish trend for ADA like Shiba Inu (SHIB).

Cardano is a a proof-of-stake blockchain platform founded back in 2017 by Charles Hoskinson, one of the founders of the Ethereum network.

Twitter community reacted on the event calling ADA a "useless" coin, while another user called ADA "all religion, no tech."

"Why do you think it is useless? It seems more useful than doge," asked another Twitter user.

Compared to Cardano (ADA), other Ethereum (ETH) killers Solana (SOL) and Tron (TRX) as the former was up by 0.71%, while the latter was down by 0.23% as of 2:13 am ET.