Popular American trading platform Robinhood has announced its decision to delist several cryptocurrencies from its platform. However, the leading canine-themed cryptocurrency, Shiba Inu (SHIB), is unaffected by this development. As the speed of SHIB has increased, its cost has increased while its burn rate has increased significantly.
Robinhood recently revealed its plans to end support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) on June 27, 2023. The decision has been taken by the company after reviewing its cryptocurrency offerings. Robinhood users will still be able to buy, sell, hold, and transfer SOL, ADA, and MATIC until the specified time frame.
Read more about the Robinhood delisting..
Although the exact reasons for the delisting were not disclosed, speculation suggests that recent lawsuits involving major exchanges such as Binance and Coinbase initiated by the United States Securities and Exchange Commission (SEC) may have influenced Robinhood’s decision. Could Yesterday, 4 trillion SHIB tokens were also transferred to Binance.
Read about the lawsuit against Binance and Coinbase..
Unlike ADA, MATIC and SOL, Shiba Inu (SHIB) emerged unscathed from Robinhood’s delisting move. The platform clarified that the delisting decision will not affect other cryptocurrencies available on its platform SHIB and Dogecoin (DOGE),
In the past hour, the price of SHIB has increased by 5.88%, which is a sign of positive movement for the cryptocurrency. Furthermore, the burn rate for SHIB tokens has increased by over 3000% in the last 24 hours.
In the last 24 hours, an impressive 211,140,844 SHIB tokens have been burned, representing a remarkable increase of 3874.12% in the burn rate. This increase in burn rate indicates an intentional reduction in the supply of SHIB tokens, potentially contributing to the scarcity and increase in value.
With a total supply of 589,350,816,104,400 SHIB tokens, the project maintains a large circulating supply. As per the latest hourly update, the price of SHIB is $0.00000619. The Shiba Inu’s survival from the Robinhood delisting move has provided a glimmer of hope for SHIB holders and enthusiasts.
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