• Robinhood transfers now live for Shiba Inu and all other listed crypto assets on the commission-free exchange platform. 
  • Shiba Inu price exploded in response to Robinhood’s announcement and acceptance on a revolutionary shopping platform. 
  • Analysts argue SHIB price eyes $0.00001396 target after breaking into uptrend. 

Robinhood enabled Shiba Inu transfers, and opened the gates for the ShibArmy. All listed crypto assets on Robinhood are now enabled for transfers on the commission-free exchange platform. 

Also read: Three factors behind Shiba Inu price that can trigger an important movement

Robinhood welcomes Shiba Inu transfers

Robinhood, a commission-free stock trading and crypto investing platform, enabled transfers for all crypto assets listed on its platform. Shiba Inu was listed on Robinhood in April 2022 and the exchange now enabled users to transfer their SHIB in and out of the platform. This is a watershed moment for the ShibArmy and Shiba Inu holders as transfers are key to higher utility of the meme coin. 

ShibArmy awaited Shiba Inu listing for months ahead of April 2022. The inclusion of Shiba Inu on the commission-free exchange was a part of the platform’s expansion plan. Shiba Inu was listed alongside Polygon, Solana and Compound. 

The ShibArmy started a petition on Change.org to get the Dogecoin-killer listed on the commission-free exchange. The petition garnered 550,000 signatures in favor of the move and the listing on Robinhood gave a boost to Shiba Inu’s exposure. 

78.4 million Shiba Inu tokens were burnt overnight

There was a massive Shiba Inu burn over the past 24 hours, as 78.4 million SHIB were burned in less than nine transactions. Shibburn, the portal that tracks Shiba Inu burn revealed that 78,446,020 SHIB were burnt, pulling them out from circulating supply completely. 

SHIB burn rate climbed in response to the massive burn. A total of 410,372,235,827,873 Shiba Inu tokens have been burned so far. 

Dripto online marketplace boosts Shiba Inu utility

Dripto, a marketplace for resale of products, recently added Shiba Inu as a payment method. Shiba Inu can now be used to buy sneakers, apparel and luxury accessories online. Shiba Inu has been accepted as a payment method at a global enterprise software provider, in addition to the marketplace. 

SAP signed a partnership with BitPay to allow the acceptance of cryptocurrencies for its solutions. Shiba Inu can now be used for payments at SAP Commerce Cloud

Shiba Inu could evade the threat of a downtrend

Analysts at FXStreet evaluated the Shiba Inu price chart and noted that the meme coin could continue its uptrend. Shib Knight, a pseudonymous crypto analyst, set four bullish targets for the meme coin at $0.00001113, $0.00001151, $0.00001174 and $0.00001212. 

For more information and key levels, check this video:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin. 

More Bitcoin News

AI tokens could really ahead of Nvidia earnings

AI tokens could really ahead of Nvidia earnings

Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 

More Cryptocurrencies News

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko. 

More Solana News

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP