'Dogecoin Killer' Shiba Inu Burn Rate Spikes 2,092%, Robinhood Adds SHIB Trading For New York Residents

Shiba Inu SHIB/USD takes a significant stride forward as Robinhood allows trading of the meme coin for New York residents.

What Happened: Shibburn data indicates a 2,092.4% burn rate increase in the past 24 hours. Notable transactions include the burning of 16.9 million, 1 million, and 20 million SHIB.

Robinhood officially announced on its X profile that Shiba Inu, along with two other cryptocurrencies, will now be available for trading to New York state residents, facilitating buying, selling, and trading on the app.

This development opens new avenues for investors in New York, where access to cryptocurrencies has been restricted.

In another development, K9finance has been designated as the official Liquid Staking Derivative (LSD) for Shibarium, aimed at boosting the network’s Total Value Locked, BONE and trading volume. This move is expected to enhance Shibarium’s economic activities.

Also Read: Only Dogecoin And Shiba Inu Have Crossed The $10B Meme Coin Mark: ‘Who Will Be The Third?,’ Muses Crypto Whale

Why It Matters: Shibariumscan data highlights an almost fourfold surge in new contracts to 31 as of April 21 from 8 as of April 23.

IntoTheBlock data notes 61.4% growth in large transaction volume to $162.5 million, while transactions greater than 100,000 widened to 220 transactions as of April 24 from 195 transactions as of April 23. In the past seven days, the metric has increased more than threefold.

Price Action: At the time of writing, SHIB was trading at $0.00002597, up 0.5% over the past 24 hours.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Shiba Inu Whale Accumulates 237B SHIB In One Transaction: ‘Much In Store For The SHIB Army,’ Vows Lead Developer

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