Shiba Inu price gaining momentum after huge US exchange listing
- 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.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
