Shiba Inu Coin (SHIB) has just received a significant boost from Robinhood Europe. The popular crypto trading app announced that SHIB is now supported for transfers on its platform, joining the list of 30 other cryptocurrencies, including Bitcoin and Ethereum. This move has sparked excitement among SHIB holders and traders, raising questions about whether SHIB can follow in the footsteps of Dogecoin (DOGE) and Pepe Coin (PEPE) with a significant rally.
Robinhood Expands Support for SHIB Transfers
Robinhood’s European crypto arm officially announced on November 9 that Shiba Inu has been added to the list of transferrable tokens. To further incentivize user engagement, Robinhood revealed a limited-time 1% bonus on SHIB deposits from other exchanges. This strategic move is expected to attract more SHIB deposits and bolster trading activity on the platform.
Market Reaction: SHIB Price and Volume Surge
Following the announcement, SHIB experienced a jump in price, climbing nearly 1% over 24 hours to trade at $0.00001923, with its daily low and high hitting $0.00001847 and $0.00001966, respectively. Trading volume surged by 23% during this period, indicating an uptick in trader interest. The derivatives market also reflected this heightened enthusiasm, with total SHIB futures open interest climbing 6% in the last 24 hours to $164 million. Binance alone saw an 8% increase in SHIB open interest, hinting at growing speculative action.
Will SHIB Mirror DOGE and PEPE’s Gains?
Robinhood’s recent listings of Dogecoin and Pepe Coin have led to substantial price surges—45% for DOGE and 40% for PEPE. This has led to speculation that SHIB could see a similar rally. Although SHIB has only posted a 14% increase so far, the current bullish sentiment in meme coins could pave the way for further gains.
A Potential Rally to $1: Realistic or Not?
Despite the growing interest and potential for a meme coin rally, a surge to $1 for SHIB would require an unprecedented market move. However, the increased trading volume, rising futures interest, and recent positive momentum signal that SHIB could experience a notable price jump in the short term. Traders are eyeing the next few weeks to see if SHIB’s market performance can catch up with its meme coin counterparts.
In summary, Robinhood’s addition of SHIB transfers has injected optimism into the market. While reaching $1 might be overly ambitious in the near term, the right market conditions could still push SHIB to rally significantly, creating lucrative opportunities for those positioned to take advantage.
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