Robinhood, the popular commission-free brokerage, has added transfer support for Shiba Inu Coin, as it revealed earlier today. Notably, the trading platform stated that the new allocation was only available to its users in the European Union. The trading app also announced a 1% bonus for users who deposit their tokens from other crypto exchanges. Traders reacted immediately as the SHIB price saw massive volatility.
Robinhood Crypto Now Supports Shiba Inu Coin Transfers
The crypto arm of Robinhood Europe, in an official announcement on November 9, revealed that it has added Shiba Inu coin to the cryptocurrencies supported in crypto transfers.
The commission-free crypto trading app has announced a 1% bonus opportunity for a limited time. Users must withdraw their SHIB tokens from other crypto exchanges and deposit them on the Robinhood app to earn a 1% bonus.
The crypto transfer service now allows customers to deposit and withdraw 30 cryptocurrencies, including Bitcoin, Ethereum, Solana and Cardano, according to Robinhood website. It provides users with control, security, and insurance against crime, as well as benefits related to educational programs.
$SHIB is available for transfers on Robinhood Crypto!
Withdrawal and deposit #SHIBand, for a limited time, get a 1% bonus on your deposits.
Conditions apply. To start: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/ZlHPF1VojX
– Robinhood Crypto EU (@RobinhoodCrypto) November 9, 2024
However, a few major cryptocurrencies such as XRP and Toncoin (TON) still remain unavailable in crypto transfers, despite the recent listing on Robinhood Europe.
Will SHIB price rise similar to DOGE and Pepe Coin?
Recently, Robinhood added Pepe Coin (PEPE) and Dogecoin (DOGE) to the list of digital currencies that users can transfer. The price of Pepe Coin increased by 40% after the cryptocurrency trading app announced its listing. Notably, the price of Dogecoin increased by 45% after last week’s announcement.
This sparked speculation whether the Shiba Inu coin would also see a rally of at least 40% in the coming days. SHIB price only jumped 14% amid renewed bullish market sentiment during the Trump trade.
SHIB Price jumped almost 1% in the last 24 hours, with the price currently trading at $0.00001923. The 24-hour low and high are $0.00001847 and $0.00001966, respectively. Additionally, trading volume increased by 23% in the last 24 hours, indicating renewed interest among traders.
In the derivatives market, total open interest in SHIB futures jumped 2% in one hour and 6% in the last 24 hours to 3.34 trillion, worth 164 million dollars. Binance saw SHIB open interest increase by 8%. Massive sentiment in meme pieces can actually trigger SHIB price rise at $1.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge on disruptive technologies in over 5,000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative technologies of the future. It currently covers all the latest updates and developments in the crypto industry.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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