Popular American trading platform Robinhood has recently announced its decision to delist several cryptocurrencies, including Cardano (ADA), Solana (SOL), and Polygon (MATIC) by June 27, 2023. Interestingly, the leading canine-themed cryptocurrency, Shiba Inu (SHIB), remains unaffected by this development.
Robinhood’s decision comes after the company reviewed its cryptocurrency offerings. Users will still be able to buy, sell, hold, and transfer SOL, ADA, and MATIC until the given deadline. While the exact reasons for delisting were not disclosed, there is speculation that recent lawsuits involving major exchanges, such as Binance and Coinbase, initiated by the United States Securities and Exchange Commission (SEC), may have influenced this move.
Unlike ADA, MATIC, and SOL, SHIB emerged unscathed from Robinhood’s delisting plan. The platform clarified that the delisting decision would not affect other cryptocurrencies available on its platform, including SHIB and Dogecoin (DOGE). Over the past hour, SHIB’s price has surged by 5.88%, indicating a positive movement for the cryptocurrency.
In addition to the price surge, the burn rate of SHIB tokens has skyrocketed, increasing by over 3000% in the last 24 hours. An impressive 211,140,844 SHIB tokens have been burned during this time, contributing to a significant 3874.12% increase in the burn rate. This surge in burn rate indicates a deliberate reduction in the supply of SHIB tokens, which could potentially lead to increased scarcity and value.
Shiba Inu currently has a total supply of 589,350,816,104,400 SHIB tokens, maintaining a large circulating supply. As of the latest hourly update, the price of SHIB stands at $0.00000619. SHIB’s survival of the Robinhood delisting move provides a glimmer of hope for SHIB holders and enthusiasts.
While Robinhood users may be disappointed by the platform’s decision to delist ADA, SOL, and MATIC, the survival of cryptocurrencies like SHIB and DOGE suggests that the company is still committed to supporting some popular digital currencies. However, the influence of recent SEC lawsuits on exchange operations raises questions about regulatory compliance and which cryptocurrencies will be deemed acceptable by the regulators in the future.
In conclusion, it is crucial for investors to keep an eye on both positive and negative developments in the blockchain and cryptocurrency industry. By staying informed and conducting thorough market research, individuals can make well-informed decisions that best suit their investment goals.
Please note that the presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: Coingape
