In a notable development, cryptocurrency trading platform Robinhood has announced the listing of Shiba Inu (SHIB) for its New York users. This comes alongside the introduction of Avalanche (AVAX) and Compound (COMP) for trading on the platform. The move signals a strategic expansion of Robinhood’s cryptocurrency offerings, aiming to capitalize on the popularity and trading volume of SHIB among its users.

The decision to list SHIB in New York follows previous listings of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), and others for New York residents. Moreover, the recent delisting of certain tokens deemed as securities by the Securities and Exchange Commission led to a decline in trading volume on the platform, making the addition of SHIB and other tokens crucial in bridging this gap.

Notably, the popularity of Shiba Inu among Robinhood users is evident from its positive reception in other states where trading was already enabled. This widespread appeal underlines the potential success of SHIB in the New York market, further solidifying its position as a prominent asset in the digital trading sphere.

In tandem with the listing announcement, Robinhood made headlines by moving a significant amount of Shiba Inu tokens between its crypto wallets. With an on-chain data indicating a transfer of 3 trillion SHIB just before the official announcement, speculation arises about the platform’s strategic initiatives to meet the anticipated surge in demand from New York users. This action also aligns with Robinhood’s history of participating in substantial transactions involving SHIB, further underscoring the platform’s commitment to the meme coin.

Despite serving predominantly the US market, Robinhood has established a notable relationship with Shiba Inu, positioning itself as a significant holder of the meme coin. Data from on-chain analytics platforms reveal that Robinhood’s wallets collectively hold over 42 trillion SHIB, with a wallet linked to Robinhood ranking as the fourth-largest holder of SHIB. Meanwhile, current trading data places Shiba Inu at approximately $0.00002523, reflecting a slight decrease of over 6% in the last 24 hours according to CoinMarketCap data.

The listing of Shiba Inu on Robinhood’s New York platform and the subsequent substantial movement of SHIB tokens signify a strategic effort to enhance the platform’s cryptocurrency offerings while tapping into the asset’s robust trading volume and popularity. As such, New York users are presented with an expanded range of trading options, adding to the dynamic landscape of digital asset investments available on Robinhood.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.