The year 2023 has been one of many major news headlines for the cryptocurrency industry, including many related to the regulation and treatment of tokens as values.
Several trading platforms have made the decision to remove tokens. Here's a look at the timing of a notable deletion and how well the cryptocurrency has fared in the short period of time since.
What happened: Stock and cryptocurrency trading platform Robinhood Markets Inc HOOD It is one of the largest retailers Platforms for retail merchants.
Robinhood allows the buying and selling of various cryptocurrencies, including Bitcoin USD/BTC, Ethereal EUR/USD and dogecoin DOGO/USD.
Due to regulatory pressure on cryptocurrencies that could be considered unregistered securities, Robinhood announced changes to the cryptocurrencies it would offer for trading in early June.
On June 9, 2023, Robinhood announced that it would remove Solarium SUN/USD, Cardano USD/ADA and Polygon MATIC/USD from the platform
Traders were told they could still buy and sell all three tokens 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 charged at market value.
Since the time of the delisting, the value of various cryptocurrencies has risen, largely aiding a landmark decision on the XRP token USD/XRP associated with Ripple.
Here's how investing in Solana at the time of the delisting might have been a timely move.
Related link: How to buy Solana
Invest $1,000 in Solana: On the day of the Robinhood delisting, Solana was trading in a range of $16.18 to $16.91. A $1,000 investment could have bought 61.80 SOL at the intraday low.
The $1,000 investment would be worth $1,433.76 today, representing a 43.4% return in less than a month.
Investing in Solana would have done better than taking the money from the cryptocurrency and investing it in other leaders like Bitcoin and Ethereum, which are down 4.0% and holding flat over the same time period, respectively.
While Solana gained more than 40%, the other two delisted cryptocurrencies, Cardano and Polygon, rose 8.6% and 12.4%, respectively, over the same period.
Investment in Solana would also have exceeded SPDR S&P 500 ETF TO SPYwhich tracks the S&P 500. The ETF is up 5.3% over the same period.
