Robinhood, the popular crypto trading platform, has announced that it will offer its services to Nevada residents, including meme coins like Shiba Inu (SHIB).
The California-based crypto trading platform has attracted the attention of the crypto market enthusiasts after it announced to extend its services to Nevada, U.S.
According to the announcement, the platform is set to offer its services in Nevada with several cryptos, including meme coins like Shiba Inu (SHIB).
Robinhood crypto provides a platform for buying and selling crypto, with easily available real-time data.
Some of the crypto coins available with Robinhood are Aave, Bitcoin, Chainlink, Dogecoin, Ethereum and others.
The platform is known for its no-commission and low-investment features, allowing users to trade crypto with as little as $1. The platform also offers a user-friendly interface and a secure wallet for storing crypto assets.
Robinhood crypto is currently available in 49 U.S. states and the District of Columbia, except for Hawaii and Nevada.
However, with the latest announcement, Nevada residents can also access Robinhood crypto and trade 15 cryptocurrencies.
A boost for Shiba Inu and other coins
The announcement of Robinhood crypto availability in the United States of Nevada came amid increasing market optimism over Bitcoin Spot ETF approval.
The Securities and Exchange Commission (SEC) recently approved four futures-based Bitcoin ETFs in the U.S., sparking hopes for a spot Bitcoin ETF approval soon.
Meanwhile, Nevada residents can now trade, sell, and buy Shiba Inu easily, among other cryptos, with no commission and investing as low as $1.
Shiba Inu (SHIB) is a meme coin that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The coin has gained popularity among investors and celebrities alike, such as Elon Musk and Vitalik Buterin.
The major announcement is aligned with the ETF rule, making access easier than ever.
The ETF rule is a regulation that allows exchange-traded funds (ETFs) to list new products without seeking SEC approval as long as they meet certain conditions.
The expansion of Robinhood crypto to Nevada could boost the demand and price of Shiba Inu and other cryptos as more users join the platform and trade crypto. This could also increase the liquidity and adoption of crypto in the U.S. market.
A mixed impact on Shiba Inu price
However, despite the major update, the Shiba Inu price has failed to maintain a steady momentum, declining 1.67% to $0.000007461 as of 09:am today.
Simultaneously, its volume over the past 24 hours plummeted 35.68% to $171.02 million.
Several analysts believe that the recent decline in the meme coin’s price could also be due to the slump in the broader market after a significant rally over the past few days.
Bitcoin, the leading cryptocurrency by market cap, dropped below $34,000 after reaching over $35,000 on Monday.
Moreover, some experts suggest that Shiba Inu needs more catalysts than just Robinhood listing to sustain its growth.
For instance, Shiba Inu could benefit from launching its own blockchain network, ShibaNet, or developing its decentralized exchange, ShibaSwap.
