In a recent development, crypto trading platform Robinhood has listed Shiba Inu (SHIB) for its New York users. The trading platform also drew attention to itself, having moved a significant amount of Shiba Inu tokens between its crypto wallets.
Robinhood made this known in an X (formerly Twitter) post by informing New York State residents that Shiba Inu was now available for them. The trading platform also revealed that it had listed Avalanche (AVAX) and Compound (COMP), which these users could also trade now alongside Shiba Inu.
Before now, Robinhood already made Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Dogecoin (DOGE), Chainlink (LINK), and Aave (AAVE) available to its New York customers. Last year, the platform had to delist Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the Securities and Exchange Commission (SEC) branded them as securities.
That move led to a drop in the crypto platform’s trading volume. Therefore, it wouldn’t be surprising if Shiba Inu and the two other tokens were strategically listed to shore up the gap left by the delisted tokens. SHIB, on its part, records an impressive daily trading volume, and Robinhood may be looking to tap into some of it.
Besides, Shiba Inu’s popularity among Robinhood’s users is evident as the meme coin was well received in several other states where trading was already enabled. This positive response further underscores SHIB’s potential to succeed in the New York market.
Robinhood Moves 3 Trillion SHIB On-chain data shows that Robinhood moved 3 trillion Shiba Inu tokens just hours before it announced that the meme coin was now available for trading to its New York customers. This transaction is likely to have been facilitated to meet the requests bound to pour in following the announcement.
Robinhood could also have made the transaction simply to meet the existing demand from its customers in other states where Shiba Inu trading was already enabled. The trading platform is known to occasionally make whale transactions involving the meme coin. NewsBTC once reported how Robinhood accumulated 332 billion SHIB in a go.
Despite only majorly serving the US market, Robinhood has built a formidable relationship with Shiba Inu. Data from Etherscan shows that a Robinhood-linked wallet is currently the fourth-largest holder of the meme coin. Meanwhile, data from the on-chain analytics platform Arkham Intelligence shows that the trading platform holds over 42 trillion SHIB across all its wallets.
At the time of trading, Shiba Inu is trading at around $0.00002523, down over 6% in the last 24 hours, according to data from CoinMarketCap.
SHIB price succumbs to bearish pressure | Source: SHIBUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.