Robinhood Lists Shiba Inu For New York Users, Moves 3 Trillion SHIB

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As an observer with a background in the crypto market, I find Robinhood’s recent move to list Shiba Inu (SHIB) for its New York users quite intriguing. The trading platform has a history of listing popular cryptocurrencies and has been known to make significant transactions involving SHIB before making announcements.

As a researcher examining the latest trends in the cryptocurrency market, I’ve come across an intriguing piece of news: Robinhood, a popular trading platform, has recently made Shiba Inu (SHIB) available for trading to its New York-based users. Moreover, there have been noteworthy transfers of Shiba Inu tokens between Robinhood’s crypto wallets, which has piqued the interest of many investors and observers in the community.

Robinhood Lists Shiba Inu

In a recent update on their X platform, formerly known as Twitter, Robinhood announced the availability of Shiba Inu for trading to New York State residents. Additionally, they disclosed that Avalanche (AVAX) and Compound (COMP) had been added to their listings, enabling users in New York to trade these cryptocurrencies alongside Shiba Inu as well.

Previously, Robinhood offered its New York users the opportunity to trade in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Dogecoin (DOGE), Chainlink (LINK), and Aave (AAVE). However, due to the Securities and Exchange Commission (SEC) labeling Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities last year, Robinhood had to remove these cryptocurrencies from their platform for New York customers.

The action taken on the crypto platform resulted in a decrease in trading activity. Consequently, it’s plausible that Shiba Inu and the two other tokens were considered for listing as a means to compensate for the loss of volume caused by the delisted tokens. Shiba Inu boasts a significant daily trading volume, making it an attractive option for Robinhood to explore.

Additionally, the preference for Shiba Inu among Robinhood users is clear, as the meme coin garnered favorable reception in various regions where trading was previously allowed. This strong showing increases the likelihood that SHIB will thrive in the New York marketplace.

Robinhood Moves 3 Trillion SHIB

As an analyst, I’ve uncovered some intriguing on-chain activity regarding Shiba Inu tokens and Robinhood. According to data, Robinhood transferred approximately 3 trillion Shiba Inu tokens hours prior to announcing that the meme coin would be accessible for trading to its New York customers. This transaction is likely a proactive measure to prepare for the influx of demand that typically follows such announcements.

Robinhood may have executed the transaction to fulfill the existing demand from its users in other states where Shiba Inu trading was previously available. The platform is recognized for occasionally conducting large transactions involving this meme coin. According to NewsBTC, Robinhood held approximately 332 billion SHIB at one point.

Although primarily focusing on the US market, Robinhood has forged a strong connection with Shiba Inu. According to Etherscan, a wallet linked to Robinhood is now the fourth-largest holder of this meme coin. Moreover, data from Arkham Intelligence indicates that Robinhood manages over 42 trillion SHIB in total across all its wallets.

During current market transactions, Shiba Inu is valued approximately at $0.00002523, representing a decrease of around 6% within the past 24 hours based on information from CoinMarketCap.

Robinhood Lists Shiba Inu For New York Users, Moves 3 Trillion SHIB

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2024-04-26 02:11