The decentralization in crypto is both a blessing and disgusting as it opens up wide opportunities for decentralized applications, but it also poses the risk of being troublesome.Â
In the past 24 hours, the Robinhood (HOOD) token is trending with its price surging over 50% out of nowhere. For newcomers, this token looks like the official crypto asset from the popular trading app Robinhood but it’s NOT.
Is HOOD Token Official?
For the clear answer, NO. The HOOD token is not officially associated with the Robinhood company. The ticker symbol “HOOD” refers to the publicly traded stock of Robinhood Markets, Inc., but there is no official HOOD cryptocurrency issued by the company.
Market data shows that the price of HOOD is currently trading at $0.0007 and has a market cap of $31 million. It is available to trade on various Solana-based decentralized exchanges.
As of February 11, 2025, Robinhood Markets Inc., the financial services platform known for its stock and cryptocurrency trading services, has not launched any cryptocurrency named HOOD. However, the company is operating under its publicly traded stock with the ticker symbol “HOOD” on the Nasdaq exchange.
Read: Does Trump want to abolish capital gains tax on Bitcoin? Fact Check
