In a recent update, Robinhood, a platform for trading cryptocurrencies, has added Shiba Inu (SHIB) for its users in New York. The platform also grabbed attention by transferring a large number of Shiba Inu tokens between its cryptocurrency wallets.
In a recent announcement on X (formerly Twitter), Robinhood informed residents of New York State that Shiba Inu is now accessible for trading on their platform. Additionally, the trading platform disclosed the listing of Avalanche (AVAX) and Compound (COMP), providing New York users with the opportunity to trade these cryptocurrencies alongside Shiba Inu.
Expanding Cryptocurrency Offerings on Robinhood: A Strategic Move
Previous Offerings and Delistings: Before the recent developments, Robinhood had already provided access to cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Dogecoin (DOGE), Chainlink (LINK), and Aave (AAVE) for its New York customers. However, last year, the platform had to remove Solana (SOL), Cardano (ADA), and Polygon (MATIC) from its offerings after they were classified as securities by the Securities and Exchange Commission (SEC). This resulted in a decline in the crypto platform’s trading volume.
Strategic Listing of New Tokens: The addition of Shiba Inu (SHIB) and the two other tokens could be a strategic move to fill the gap left by the delisted tokens. SHIB boasts an impressive daily trading volume, and Robinhood may be aiming to capture some of that market activity.
Popularity and Potential Success in New York Market: Shiba Inu’s popularity among Robinhood’s users is evident from its positive reception in several other states where trading was already enabled. This positive response indicates SHIB’s potential to thrive in the New York market, further reinforcing its position as a promising asset for Robinhood users.
Robinhood’s Strategic Shiba Inu Transaction: Meeting Market Demand
On-chain data reveals that Robinhood executed a significant transaction, moving 3 trillion Shiba Inu tokens just hours before announcing the availability of the meme coin for trading to its New York customers. This move is likely aimed at fulfilling the anticipated surge in requests following the announcement.
The transaction could also be a response to the existing demand from customers in states where Shiba Inu trading was already enabled. Robinhood is known for occasionally engaging in whale transactions involving the meme coin. In the past, it accumulated 332 billion SHIB in a single transaction, as reported by NewsBTC.
Despite primarily serving the US market, Robinhood has established a strong relationship with Shiba Inu. Data from Etherscan reveals that a Robinhood-linked wallet ranks as the fourth-largest holder of the meme coin. Additionally, on-chain analytics from Arkham Intelligence indicate that the trading platform holds over 42 trillion SHIB across all its wallets.
Source: SHIBUSDT on Tradingview.com
At the time of the transaction, Shiba Inu is trading around $0.00002523, marking a decrease of over 6% in the last 24 hours, according to data from CoinMarketCap.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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