Shiba Inu Coin Transfers Goes Live on Robinhood Crypto, Will SHIB Rally to $1?

Robinhood, the popular commission-free brokerage has added transfer support for Shiba Inu Coin as it revealed earlier today. Notably, the trading platform said the new allowance is only available for its users in the European Union. The trading app also announced a 1% bonus for users who deposit their tokens from other crypto exchanges. Traders responded immediately as SHIB price saw massive volatility.

Robinhood Crypto Now Supports Shiba Inu Coin Transfers

Robinhood Europe’s crypto arm in an official announcement on November 9 revealed that it has added Shiba Inu coin to cryptocurrencies supported in crypto transfers.

The commission-free crypto trading app announced a 1% bonus opportunity for a limited time. Users need to withdraw their SHIB tokens from other crypto exchanges and deposit them to Robinhood app to earn a 1% bonus.

Crypto transfer service now allows customers to deposit and withdraw 30 cryptocurrencies, including Bitcoin, Ethereum, Solana, and Cardano, as per Robinhood website. It offers users control, security, and crime insurance, along with educational program benefits.

$SHIB is available for transfers on Robinhood Crypto!

Withdraw and Deposit #SHIB, and, for a limited time, get a 1% bonus on your deposits.

Terms apply. Get started: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/ZlHPF1VojX

— Robinhood Crypto EU (@RobinhoodCrypto) November 9, 2024

However, a few major crypto such as XRP and Toncoin (TON) still remain unavailable in crypto transfers, despite the recent listing by Robinhood Europe.

Will SHIB Price Rally Similar to DOGE and Pepe Coin?

Recently, Robinhood added Pepe Coin (PEPE) and Dogecoin (DOGE) to the list of digital currencies users can transfer. Pepe Coin price has rallied 40% after the crypto trading app announced the listing. Notably, Dogecoin price rallied 45% after the announcement last week.

This sparked speculation about whether Shiba Inu coin will also witness at least a 40% rally in the coming days. SHIB price has jumped only 14% amid the renewed bullish market sentiment during the “Trump trade.”

SHIB price jumped nearly 1% in the past 24 hours, with the price currently trading at $0.00001923. The 24-hour low and high are $0.00001847 and $0.00001966, respectively. Furthermore, the trading volume has increased by 23% in the last 24 hours, indicating a rise in interest among traders.

In the derivatives market, the total SHIB futures open interest surged 2% within an hour and 6% in the last 24 hours to 3.34 trillion worth $164 million. Binance saw an 8% jump in SHIB open interest. A massive sentiment in meme coins can actually trigger SHIB price rally to $1.