- Robinhood, a prominent US-based financial services company, has expanded its cryptocurrency services to the state of Nevada, offering access to 15 digital assets, including Shiba Inu.
- Shiba Inu (SHIB) is experiencing an uptrend, with a nearly 20% gain over the past week. It is currently trading at $0.00000809 with a market cap of $4.77 billion.
In a major development on Wednesday, October 25, popular US-based financial services company Robinhood announced that it would extend crypto services to the state of Nevada.
The platform offers functionality for purchasing, selling, and accessing real-time market information for 15 digital assets, encompassing leading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Notably, even popular meme-based tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) are included in this selection.
Robinhood Crypto is now available in Nevada!
Buy, sell and transfer 15 cryptocurrencies! See list đź”— https://t.co/er9TOpJm9Q
More info: https://t.co/uFJGPLZKQ8
— Robinhood Help (@AskRobinhood) October 25, 2023
However, it’s noteworthy that despite this announcement, both DOGE and SHIB have exhibited limited or negligible responses. In fact, over the past 24 hours, these tokens have marginally retreated after posting significant gains on October 24.
In April of the previous year, Robinhood embraced Shiba Inu, a move that fueled a 35% surge in the asset’s price. During that time, Robinhood was also one of the largest holders of the self-proclaimed Dogecoin competitor. Recent data reveals that Robinhood currently possesses approximately 35 trillion SHIB tokens, equivalent to a value exceeding $250 million at current market rates.
Speculation regarding SHIB’s future valuation has generated substantial interest, attracting insights from various analysts. Some have suggested that a significant increase might transpire with widespread adoption and further advancements in Shibarium.
Shibarium, a layer-2 blockchain solution, helps to distinguish Shiba Inu from its competitors by reducing transaction costs and enhancing transaction speed.
Shiba Inu Uptrend Continues
Shiba Inu has joined the altcoin market party and has gained nearly 20% over the past week. At press time, Shiba Inu (SHIB) is trading 10.18% up at a price of $0.00000809 and a market cap of $4.77 billion.
Shiba Inu (SHIB) may be approaching a significant milestone, judging by its recent price movement and a cryptic message from its lead developer, Shytoshi Kusama. Kusama shared on Telegram that he has been in discussions with “VERY important individuals and some top in community for the next phase.” This enigmatic statement hints at a substantial upcoming development in the near future.
The developer further added, “We have also been busy with platforms to support the community and begin this network state. Sometimes silence is the best weapon.”
On October 24th, within a span of just 24 hours, the Shiba Inu burn rate surged by 400 percent, resulting in the permanent removal of 142.8 million SHIB tokens from circulation, as reported by Shibburn data.
This increase in SHIB burn rate coincided with a rise in SHIB’s price, leading to a weekly gain of nearly 7 percent. Currently, at the time of this report, SHIB is trading at $0.00000738, having experienced a minor correction of approximately 2 percent in the past 24 hours. The altcoin retraced from its peak of $0.0000075, failing to breach this resistance level. Bullish traders are now seeking to defend the $0.0000070 support and endeavor to surpass the $0.0000080 resistance level in the next upward wave.
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