TL;DR
- Robinhood now offers Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) to New York residents, building on its crypto services in the USA.
Despite a recent price drop, the meme coin has potential for a rally, bolstered by a significant increase in its burn rate and developments in its layer-2 blockchain network, Shibarium.
Attention New Yorkers
Robinhood, a financial services company based in the United States, announced that New York residents can now trade in new cryptocurrencies. These include Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP).
New Yorkers, take note: Shiba Inu ($SHIB), Avalanche ($AVAX), and Compound ($COMP) have been made accessible to you in New York State!
Buy, sell and trade your favorite crypto assets on the Robinhood app.
See the full list of assets available:
— Robinhood (@RobinhoodApp) April 24, 2024
Approximately half a year ago, Robinhood broadened its crypto offerings in Nevada, allowing users to trade fifteen different digital assets. Among these were Shiba Inu (SHIB) and Dogecoin (DOGE), the two most prominent meme coins based on market size.
The company first supported SHIB in April 2022, resulting in a significant 35% price increase for the token. However, the asset failed to respond favorably to the recent update. On the contrary, SHIB has dropped approximately 8% over the last 24 hours, with the market experiencing a general downturn.
SHIB Gearing up for a Bull Run?
Although the price of Shiba Inu has been decreasing recently, certain indicators suggest that it could experience a surge in the near future. The asset’s burn rate experienced an immense increase of over 500% earlier this month, leading to the destruction of millions of tokens from circulation. The intention behind this mechanism is to generate scarcity and subsequently drive up its value, as long as demand remains steady or grows.
An additional aspect to consider is the Shibaswap exchange volume, which has largely been in the red the past week. The trend toward self-custody from centralized platforms is viewed as a positive sign because it lessens the instant urge to sell.
Some people in the industry think that the progress of Shiba Inu’s L2 blockchain network, Shibarium, might lead to an increase in SHIB‘s price. Recently, this feature underwent a significant upgrade, and the total number of transactions has exceeded 400 million.
If you’re intrigued and want to know more about the goals and details of Shibarium, check out the video we’ve prepared for you below.
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2024-04-25 13:20