In a recent development, the popular crypto trading platform Robinhood has expanded its offerings for New York users by listing Shiba Inu (SHIB) along with other cryptocurrencies. This move comes as Robinhood continues to diversify its crypto assets available for trading.
Robinhood lists Shiba Inu for New York users, thus expanding its crypto offerings in the state. Through an announcement on X (formerly Twitter), Robinhood informed residents of New York State about the availability of Shiba Inu for trading on its platform. Additionally, Robinhood has also listed Avalanche (AVAX) and Compound (COMP), providing more options for crypto enthusiasts in the state.
Expansion of Crypto Offerings
Before these recent additions, Robinhood already offered a range of cryptocurrencies to its New York customers, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Dogecoin (DOGE), Chainlink (LINK), and Aave (AAVE). However, last year saw the delisting of Solana (SOL), Cardano (ADA), and Polygon (MATIC) due to regulatory concerns, leading to a decrease in trading volume.
The addition of Shiba Inu, Avalanche, and Compound may be a strategic move by Robinhood to fill the gap left by the delisted tokens. Shiba Inu, known for its meme coin status, has a significant daily trading volume, indicating potential interest from Robinhood users.
Notably, Robinhood conducted a massive transaction of 3 trillion Shiba Inu tokens just hours before announcing its availability for New York traders. This move suggests preparation to meet anticipated demand following the listing.
Robust Relationship with Shiba Inu
After the delisting of certain tokens due to regulatory concerns, Robinhood lists Shiba Inu for New York users. Despite primarily serving the US market, Robinhood has established a strong connection with Shiba Inu. Data reveals that a Robinhood-linked wallet ranks as the fourth-largest holder of SHIB, while the platform holds over 42 trillion SHIB across its wallets, according to Arkham Intelligence.
As of now, Shiba Inu is trading at around $0.00002523, experiencing a slight decrease of over 6% in the past 24 hours, as per CoinMarketCap data. Overall, Robinhood’s decision to list Shiba Inu and other cryptocurrencies reflects a broader trend of expanding crypto accessibility for traders, particularly in regulatory-compliant regions like New York.
The addition of Shiba Inu, alongside Avalanche (AVAX) and Compound (COMP), suggests Robinhood’s strategy to expand its crypto offerings strategically. This move comes after the delisting of other tokens due to regulatory concerns, indicating a proactive approach to fill the gap and cater to user demand.
Token Movement and Market Impact
Robinhood lists Shiba Inu for New York users, a sign it’s getting serious about crypto. The significant movement of 3 trillion SHIB tokens by Robinhood just before the announcement raises questions about its timing and intentions. Such a large transaction hints at preparation to meet heightened demand following the listing, showcasing Robinhood’s readiness to accommodate user interest promptly.
This token movement also reflects Robinhood’s active engagement with Shiba Inu, as evidenced by its substantial holdings across wallets. However, it’s essential to monitor how this move impacts SHIB’s market dynamics, including price fluctuations and trading volumes. Robinhood’s listing of Shiba Inu and the preceding token movement is a strategic move aimed at boosting its crypto offerings. Observing the market response and regulatory implications will provide insights into the broader impact of these decisions on the crypto landscape.
Robinhood’s decision to list Shiba Inu for New York traders and the move they made just before announcing it have sparked curiosity and analysis. This move seems like a smart strategy to offer more options to users after taking down some tokens due to regulations. Shiba Inu, along with Avalanche and Compound, got listed, indicating Robinhood’s aim to keep users happy and interested. Shiba Inu is popular, especially among meme coin fans, so it’s no surprise Robinhood wants to get in on that action.
Also Read: Rising Concerns: High Bitcoin Fees Pose Challenge for Everyday Users.
