Robinhood Blockchain Surges Past Established Chains Amid HOOD Stock Price Drop

Retail investors' enthusiasm for Robinhood's (HOOD) blockchain network, launched just over a week ago, has boosted HOOD stock despite the price drop on Friday. Morgan Stanley increased its price target to $124 while maintaining an 'Equal Weight' rating ahead of the firm's second quarter earnings.

The company's new blockchain network posted decentralized exchange (DEX) volume figures large enough to outrank established chains like Arbitrum (ARB), Near Protocol (NEAR), and Hyperliquid (HYPE). HOOD shares fell around 3% in morning trade on Friday.