TL;DR
Robinhood introduces cryptocurrency services in Nevada, covering major digital assets including Bitcoin, Ether, Dogecoin, and Shiba Inu.
Dogecoin and Shiba Inu’s prices slightly retrace post-announcement, despite Robinhood’s significant SHIB holdings worth around $250 million.
SHIB’s future valuation might be influenced by mass adoption and the development of Shibarium, aiming for faster, cheaper transactions.
The American-based financial services company – Robinhood – announced that it has extended its cryptocurrency services to the state of Nevada.
Robinhood Crypto is now available in Nevada!
Buy, sell and transfer 15 cryptocurrencies! See list 🔗 https://t.co/er9TOpJm9Q
More info: https://t.co/uFJGPLZKQ8
— Robinhood Help (@AskRobinhood) October 25, 2023
The entity enables buying, selling, and real-time market data for 15 digital assets, including the largest ones by market capitalization – Bitcoin (BTC) and Ether (ETH). Interestingly, the popular memecoins Dogecoin and Shiba Inu are also part of the list.
Despite the disclosure, DOGE and SHIB showed little-to-no reaction. In fact, both tokens have slightly retraced in the past 24 hours after registering substantial gains on October 24.
Robinhood embraced Shiba Inu in April last year, propelling a 35% price increase for the asset. The company was also outlined as one of the largest holders of the self-proclaimed Dogecoin-killer.
Most recent data shows that Robinhood owns approximately 35 trillion tokens, equaling over $250 million (calculated at current rates).
SHIB’s future valuation has been an intriguing topic, with many analysts chipping in. Some have argued that a potential jump could occur once there is mass adoption and additional development of Shibarium.
The latter is a layer-2 blockchain solution that aims to elevate Shiba Inu above its rivals by lowering transaction costs and improving speed. More information on it and its specifics can be found in the video below:
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