On Tuesday, Cardano (ADA) and Solana (SOL) fell more than the broader crypto market, just before trading app Robinhood was set to delist them later in the day. Robinhood had previously announced on June 9 that it would end support for ADA, SOL, and MATIC on June 27 based on [their] latest review. This decision came after the three tokens were named as securities in the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase.
CoinDesk data showed that ADA and SOL were down about 2.3% and 1.8%, respectively, over the past 24 hours, while the broader CoinDesk Market Index (CMI) was up 0.6% over the same time period. Polygon (MATIC), the native cryptocurrency that powers the Polygon Network, was flat. Since Robinhood announced it was ending support for the three tokens on June 9, the prices for the three crypto assets have dropped more than 5% while the CMI is up about 9% over the same period.
After Tuesday, users of Robinhood’s app will be able to trade 15 different cryptocurrencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and Avalanche (AVAX). None of these were named as securities in the SEC’s lawsuits.