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
The American-based financial services company – Robinhood – unveiled additional cryptocurrency options for the residents of New York. It said the popular meme coin Shiba Inu (SHIB) and the altcoins Avalanche (AVAX) and Compound (COMP) are now available for locals.
Attention New York 🚨 Shiba Inu ($SHIB), Avalanche ($AVAX) and Compound ($COMP) are now available for New York State residents!
Buy, sell and trade your favorite crypto assets on the Robinhood app.
See the full list of assets available: https://t.co/B41xoSGcQA pic.twitter.com/mLBxz3Devx
— Robinhood (@RobinhoodApp) April 24, 2024
Several months ago, Robinhood expanded its crypto presence in the state of Nevada, enabling users to buy and sell 15 digital assets. The two largest meme coins in terms of market capitalization – Shiba Inu (SHIB) and Dogecoin (DOGE) – were included in the list.
The firm initially embraced SHIB in April 2022, triggering a 35% price rally for the token. However, the asset’s valuation did not react positively to the latest announcement. In fact, SHIB is down around 8% on a 24-hour scale amid an overall market decline.
SHIB Gearing up for a Bull Run?
Despite the recent downtrend, some metrics suggest that the price of Shiba Inu might take off in the short term. The asset’s burn rate exploded by 500% earlier this month, resulting in millions of tokens being removed from circulation. The program’s ultimate goal is to create a scarcity effect, thus propelling a value ascent (assuming demand stays the same or rises).
Another factor is the SHIB exchange netflow, which has been predominantly negative in the last week. A shift from centralized entities to self-custody methods is considered bullish since it reduces the immediate selling pressure.
Some industry participants believe that the advancement of Shiba Inu’s L2 blockchain network – Shibarium – could also contribute for a SHIB price rally. The feature underwent a major update as of late, while total transactions surpassed the 400 million mark.
Those curious to learn more about Shibarium’s purposes and specifics can watch our dedicated video below:
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