Robinhood Crypto EU has expanded its cryptocurrency transfer services to support the popular meme coin Shiba Inu (SHIB), sparking significant market reactions. The commission-free trading app announced this update on November 9, offering a 1% bonus for users who transfer SHIB from other exchanges to their Robinhood wallets, further incentivizing crypto transfers. This move follows Robinhood’s recent additions of other meme coins, Pepe Coin (PEPE) and Dogecoin (DOGE), to its platform.
Robinhood’s Incentive For SHIB Transfers
Robinhood’s latest promotion aims to attract Shiba Inu holders by offering a 1% bonus on deposited SHIB tokens, adding an extra incentive for users to switch platforms. As part of its crypto transfer offerings, Robinhood supports deposits and withdrawals for 30 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA). While the platform offers a range of options, key coins like XRP and Toncoin (TON) remain unavailable for transfers, despite their recent listings on Robinhood Europe.
Robinhood’s broader crypto transfer service provides users with increased control and security, including crime insurance and educational resources to bolster crypto trading knowledge. With meme coins like SHIB and DOGE continuing to attract substantial interest, Robinhood’s updated support for Shiba Inu aligns well with its strategic focus on popular coins that fuel community engagement.
Potential for a Shiba Inu Price Rally
The addition of SHIB to Robinhood’s transfer lineup has led traders to anticipate a price surge akin to those experienced by other meme coins after their Robinhood listings. Notably, Pepe Coin (PEPE) soared by 40% after its Robinhood listing, while Dogecoin (DOGE) jumped 45% following a similar announcement. These spikes have raised speculation that Shiba Inu could follow suit and rally by at least 40% in the coming days, benefiting from the broader market’s renewed interest in meme coins.
Since the announcement, SHIB has experienced increased volatility, with prices up 14% amidst a bullish trend. As of the latest data, SHIB traded around $0.00001923, with a 24-hour low and high of $0.00001847 and $0.00001966, respectively. Trading volume surged by 23% over the past day, signaling intensified interest among traders.
Derivative Market Signals Interest in Shiba Inu
The derivatives market has mirrored this heightened interest, with SHIB futures’ open interest rising by 6% in the past 24 hours, reaching 3.34 trillion SHIB, valued at approximately $164 million. Binance, a major player in the crypto market, reported an 8% jump in SHIB open interest alone. These figures indicate an increase in trading activity and sentiment around SHIB, suggesting potential for further price growth.
As Robinhood continues to support meme coins, the possibility of a Shiba Inu rally looms large. With past patterns suggesting that such listings spur price spikes, the expanded support on Robinhood Crypto EU could drive SHIB prices higher and further solidify its position in the meme coin sector.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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