Shiba Inu, the popular meme coin, experienced a major resurgence following the decision by Robinhood, a leading US-based cryptocurrency trading platform, to expand its support for the coin in Nevada, the 7th-largest state in the United States. This announcement holds significant importance, considering Robinhood’s limited accessibility across states previously. According to the platform’s blog post, it plans to offer trading services for 15 cryptocurrencies in this region, complete with a provided link for seamless transactions.
Robinhood Crypto, headquartered in Menlo Park, California, is renowned for enabling commission-free trading of stocks, exchange-traded funds, and cryptocurrencies. Remarkably, the platform has achieved widespread coverage, operating in every US state and the District of Columbia, with the exception of Hawaii. Notably, Robinhood garnered attention due to its substantial holdings in Shiba Inu. As of August 2023, it holds a staggering 20 trillion Shiba Inu meme coins in its wallet, in addition to other cryptocurrencies within its extensive portfolio.
Furthermore, Robinhood emphasized that cryptocurrency enthusiasts can now engage in Shiba Inu trading with as little as $1, significantly lowering the barrier to entry for potential investors. However, it’s important to note that this opportunity excludes residents of New York and Texas, who are unable to participate in meme token trading through the platform.
Shiba Inu Rallies By 20% Amidst Rising Whales’ Moves
Simultaneously, Shiba Inu’s on-chain metrics witnessed intriguing developments. TronWeekly reported a substantial surge in activities among large token holders, commonly referred to as whales, over the recent weekend. These SHIB whales accumulated an astonishing total of 4.52 trillion tokens in their wallets, representing a remarkable 2300% increase from the previous Friday’s activity. Notably, there was a significant decrease in the volume of SHIB tokens being transferred out of these whale accounts.
At the end of the previous week, approximately 282 billion SHIB tokens moved out of these accounts, a figure that significantly dropped to 29.13 billion over the weekend. These whale movements coincided with a broader bullish trend in the market. SHIB’s price surged impressively, with an 18.5% increase in the weekly index and a notable uptick of over 7% in the past 24 hours, indicating positive momentum for the meme coin in the market.