Introduction
Robinhood, the popular crypto trading platform, has expanded its offerings by listing Shiba Inu (SHIB) for users in New York. This move comes alongside the addition of Avalanche (AVAX) and Compound (COMP) to its trading options. The platform also made headlines by transferring a staggering 3 trillion SHIB tokens between its wallets just hours before the official announcement.
Key Developments
Shiba Inu Now Available for New York Users
Robinhood confirmed the listing of Shiba Inu for New York State residents via an X (formerly Twitter) post. This addition follows the platform's existing support for other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The move aims to cater to the growing demand for meme coins and diversify its crypto portfolio.
Strategic Token Listings
The decision to list SHIB, AVAX, and COMP appears strategic, especially after Robinhood delisted Solana (SOL), Cardano (ADA), and Polygon (MATIC) last year due to regulatory pressures. These new listings could help the platform recover some of the trading volume lost after the delistings.
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Robinhood's SHIB Transactions
Massive Token Transfer
Etherscan data reveals that Robinhood moved 3 trillion SHIB tokens shortly before announcing the New York listing. This transaction likely prepares the platform for anticipated demand from both new and existing users. Robinhood has a history of large-scale SHIB transactions, including a notable accumulation of 332 billion tokens in a single move.
Robinhood's SHIB Holdings
A Robinhood-linked wallet currently ranks as the fourth-largest holder of Shiba Inu, with over 42 trillion SHIB spread across its wallets, according to Arkham Intelligence. This substantial holding underscores Robinhood's strong relationship with the meme coin, despite its primary focus on the U.S. market.
Market Performance of Shiba Inu
At the time of writing, SHIB is trading at approximately $0.00002523, reflecting a 6% decline over the past 24 hours. Despite this short-term bearish trend, SHIB maintains a robust daily trading volume, indicating sustained investor interest.
FAQs
Why did Robinhood list Shiba Inu for New York users?
Robinhood aims to meet growing demand for meme coins and diversify its crypto offerings, especially after delisting several tokens last year due to regulatory issues.
How much SHIB does Robinhood hold?
Robinhood holds over 42 trillion SHIB tokens across its wallets, making it one of the largest holders of the meme coin.
What other cryptocurrencies did Robinhood list alongside SHIB?
Robinhood also listed Avalanche (AVAX) and Compound (COMP) for its New York users, expanding their trading options.
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Conclusion
Robinhood's decision to list Shiba Inu for New York users marks a significant step in expanding its crypto services. The platform's massive SHIB transactions and holdings highlight its commitment to supporting the meme coin's ecosystem. As SHIB continues to attract traders, Robinhood's move could further boost its adoption and market presence.