Shiba Inu (SHIB) Flourishes Despite Robinhood Delisting Cryptocurrencies
Robinhood, a widely used American trading platform, recently made headlines by delisting numerous cryptocurrencies from its platform. Despite this decision, Shiba Inu (SHIB), the prominent canine-themed cryptocurrency, remains unscathed.
SHIB has not only sustained its upward trajectory but has also witnessed a surge in price accompanied by a notable increase in its burn rate. This remarkable performance highlights the resilience and growing popularity of Shiba Inu in the crypto market.
Robinhood Announcement
Robinhood’s latest announcement outlines its intention to discontinue support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) on June 27, 2023. This move comes as a result of the company’s thorough evaluation of its cryptocurrency offerings. Until the specified deadline, Robinhood users can continue to engage in buying, selling, holding, and transferring SOL, ADA, and MATIC on the platform.
Also Read: Robinhood Delists ADA, MATIC, and SOL, Making History as the First Exchange
Although the specific reasons for the delisting were not officially disclosed, there is speculation that Robinhood’s decision may have been influenced by recent SEC lawsuits against major exchanges such as Binance and Coinbase. This regulatory scrutiny could have played a role in shaping Robinhood’s actions.
Additionally, noteworthy movement was observed yesterday, as 4 trillion SHIB tokens were transferred to Binance. These developments highlight the dynamic nature of the cryptocurrency landscape and the potential impact on market participants.
In contrast to ADA, MATIC, and SOL, Shiba Inu (SHIB) remained unaffected by Robinhood’s delisting announcement. The platform explicitly stated that the decision to delist certain cryptocurrencies, such as ADA and MATIC, would not impact the availability of other cryptocurrencies on its platform, including SHIB and Dogecoin (DOGE). This distinction highlights the continued support for SHIB and DOGE, reassuring users of their uninterrupted accessibility on Robinhood.
Shiba Inu: Price Surge and Burn Rate Skyrocket
In the last hour, the price of SHIB has experienced a notable surge of 5.88%, signaling a positive movement for the cryptocurrency. Additionally, the burn rate of SHIB tokens has witnessed a remarkable surge of over 3000% in the past 24 hours.
Within the past 24 hours, an impressive 211,140,844 SHIB tokens have been burned, reflecting an astonishing increase of 3874.12% in the burn rate. This surge in the burn rate signifies a deliberate reduction in the supply of SHIB tokens, potentially leading to increased scarcity and enhancing its value.
Shiba Inu: Large Circulating Supply and Price Update
With a substantial total supply of 589,350,816,104,400 SHIB tokens, the Shiba Inu project maintains a significant circulating supply. In the most recent hourly update, the price of SHIB is currently at $0.00000619. The fact that Shiba Inu has survived the delisting move by Robinhood brings a glimmer of hope for SHIB holders and enthusiasts, signaling potential resilience in the face of challenges.
Also Read: Shiba Inu, Polkadot, and Collateral Network: The Next Cryptos Poised for Pumping
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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