Robinhood, the popular American financial services company, has expanded its cryptocurrency offerings for residents of New York. This includes the meme coin Shiba Inu (SHIB), alongside Avalanche (AVAX) and Compound (COMP).
Robinhood’s Crypto Expansion in New York
This move follows Robinhood’s previous expansion in Nevada earlier this year, which allowed users to trade 15 digital assets, including SHIB and Dogecoin (DOGE).
Read Also: XRP Rally Stalls, But Analyst Eyes 106% Price Surge
$XRP — $1.13 from here is ONLY a 106% move from current levels. I'm going to take $4k of capital and turn this in to about $105k returns on that trade alone. I will show you my trade receipt when complete. Ask me if I give a damn about $589 or any other nonsense. Lulz! pic.twitter.com/3zHdwwxpIP
— MissileTits (@SurSugarTits) April 23, 2024
SHIB Price Reaction
Interestingly, despite Robinhood’s announcement, SHIB’s price has dipped around 8% in the last 24 hours, mirroring a broader market decline.
Is a SHIB Bull Run Coming?
Some analysts remain optimistic about SHIB’s future, pointing to a few metrics that suggest a potential price increase:
- Increased Burn Rate: SHIB’s burn rate surged by 500% earlier in April, taking millions of tokens out of circulation. This aims to create scarcity, potentially driving up the price if demand remains steady or increases.
- Exchange Netflow: SHIB’s exchange netflow has been predominantly negative recently. This shift from centralized exchanges to self-custody wallets could be bullish, indicating reduced selling pressure.
- Shibarium Update: The development of Shibarium, SHIB’s L2 blockchain network, is seen as another potential catalyst for a price rise. The network recently underwent a significant update, with total transactions surpassing 400 million.
Read Also: Shiba Inu Poised for Rebound, Analyst Predicts 115% Surge
How I expect $XRP to play out here if we do a measured move of the recent range.
tap $1.06 retrace between $0.66 – 0.74 👍 pic.twitter.com/hpEFK4UPLC
— 📈BLOCK BULL📈 (@TheBlockBull) April 23, 2024
For further details on Shibarium, you can view our dedicated video [link to video about Shibarium].
Overall, while Robinhood’s move opens up new trading options for New York residents, SHIB’s price performance in the short term remains uncertain. However, ongoing developments within the SHIB ecosystem hint at a potential future upswing.