In a recent development, Cryptocurrency trading platform Robinhood It has listed Shiba Inu (SHIB) for its users in New York. The trading platform also attracted attention to itself, transferring a large amount of… Shiba Inu symbols Among its crypto wallets.
Robinhood lists Shiba Inu
Robinhood made this known on X (formerly Twitter) mail By informing New York State residents that the Shiba Inu is now available to them. The trading platform also revealed that it has listed Avalanche (AVAX) and Compound (COMP), which these users can also now trade alongside the Shiba Inu.
before now, Robin Hood It has already made Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Dogecoin (DOGE), Chainlink (LINK), and Aave (AAVE) available to its customers in New York. . Last year, the platform had to do just that to cross out Solana (SOL), Cardano (ADA), and Polygon (MATIC) are following Securities and Exchange Commission (SEC) classified them as securities.
The move led to a decline in the cryptocurrency platform's trading volume. Therefore, it would not be surprising if Shiba Inu and the other two tokens are strategically inserted to fill the gap left by the deleted tokens. SHIB, for its part, scores Impressive daily trading volumeand Robinhood may be looking to capitalize on some of it.
Moreover, the popularity of the Shiba Inu among Robinhood users is also evident The meme The coin has been well received in many other states where trading has already been enabled. This positive response underscores SHIB's ability to succeed in the New York market.
Robinhood moves 3 trillion SHIB
On the chain Data It shows that Robinhood transferred 3 trillion Shiba Inu tokens just hours before it announced that the meme coin was now available for trading to its users New York clients. This deal is likely to have been facilitated to meet binding orders following the announcement.
Robinhood could also have made the trade simply to meet existing demand from its customers in other states where Shiba Inu trading was already enabled. It is known that the trading platform sometimes performs… Whale transactions Involving a meme coin. BTC news once mentioned How Robinhood raised 332 billion SHIB in one go.
Although it mainly only serves the US market, Robinhood has built a site Tremendous relationship With Shiba Inu. Data Etherscan shows that a wallet linked to Robinhood is currently the fourth-largest holder of the meme coin. while, Data From on-chain analytics platform Arkham Intelligence shows that the trading platform has over 42 trillion SHIB across all of its portfolios.
At the time of trading, the Shiba Inu is trading at around $0.00002523, down more than 6% over the past 24 hours, according to Data From Coin Market Cap.
SHIB price succumbs to bearish pressure | Source: SHIBUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com