Shiba Inu $SHIB Soars as Robinhood Delists Other Cryptocurrencies

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), remains unaffected by this development. As SHIB continues to gain momentum, its price has surged while its burn rate has experienced a significant increase.

Robinhood Delisting Announcement

Robinhood recently revealed its plan to end support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) on June 27, 2023. The decision follows the company’s review of its cryptocurrency offerings. Robinhood users will still be able to buy, sell, hold, and transfer SOL, ADA, and MATIC until the given deadline.

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While the exact reasons for delisting were not disclosed, speculation suggests that recent lawsuits involving major exchanges like Binance and Coinbase, initiated by the United States Securities and Exchange Commission (SEC), may have influenced Robinhood’s decision. Yesterday, 4 Trillion SHIB tokens were also moved to Binance.

Read About Lawsuit Agianst 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 would not affect other cryptocurrencies available on its platform, including SHIB and Dogecoin (DOGE).

Shiba Inu Price Movements

Over the past hour, SHIB’s price has surged by 5.88%, indicating a positive movement for the cryptocurrency. Moreover, the burn rate of SHIB tokens has skyrocketed over 3000% in the last 24 hours.

Over the past 24 hours, an impressive 211,140,844 SHIB tokens have been burned, reflecting a significant increase of 3874.12% in the burn rate. This burn rate surge indicates a deliberate reduction in the supply of SHIB tokens, potentially contributing to increased scarcity and value.

With a total supply of 589,350,816,104,400 SHIB tokens, the project maintains a large circulating supply. As of the latest hourly update, the price of SHIB stands at $0.00000619. Shiba Inu’s survival of the Robinhood delisting move has provided a ray of hope for SHIB holders and enthusiasts.