Equally Robinhood struggles with its declining share price, could ramping upwards its cryptocurrency offerings help heave the company's outlook?

Robinhood is a fiscal services visitor that also acts as a retail trading platform for ordinary users. It'southward known for meme stocks and currently offers seven cryptocurrencies for trading.

Since Aug. 4, Robinhood (HOOD) has fallen nearly 70% from its ATH of $lxx.39 to $25.94, and it'due south been beneath the $38 IPO price for weeks. Several factors are contributing to the fall, such equally a drop in crypto and meme stocks day trading as the pandemic era comes to an cease and people return to their offices to work.

Robinhood enjoyed large gains in Q2 2022 when Dogecoin (DOGE) trading deemed for 41% of Robinhood's total revenue, and 62% of the $233 million generated by cryptocurrency trading.

However, cryptocurrency trading savage 79% in Q3 and but accounted for xix% of its total revenue.

Chris MacDonald, a contributor to TipRanks, still believes that cryptocurrency iks the cardinal to Robinhood'due south long term success.

"Robinhood appears to continue to ramp upwards its efforts to go the well-nigh-utilized substitution out there. Those who think crypto is existent and here for the long haul may want to take a shut wait at this company right at present."

There is also a big demand for Robinhood to launch its wallet feature, which currently has over 1.6 million users on the waitlist. That's nearly 7% of its total user base every bit of the stop of Q3 2022. While some are planning to trade more with the wallet, others may simply want to withdraw their existing tokens from Robinhood'south platform.

The brokerage has not said anything definitive most listing Shiba Inu (SHIB). There's a big push button on from the community including a petition to list SHIB on Robinhood that currently has 541,000 signatures. Competitor Kraken this week launched SHIB trading, which was followed by a 30% increase in the toll. Such price activity may help convince Robinhood of the merits of list the memecoin given the potential to echo the growth it experienced from the DOGE trading frenzy in Q2.

Related: Robinhood exec says proposal for a single digital nugget regulator is stupid

Despite the electric current price doldrums, Wall Street appears to view HOOD favorably for now. Nasdaq has indicated an boilerplate price target of $45 from xiii analysts, which represents 73.iii% upside potential.