Why Shiba Inu Is Soaring Today
Over the last 24 hours as of 9:30 a.m. ET today, the price of Shiba Inu (CRYPTO: SHIB) had risen as much as 24% after the token was added to Robinhood's online investing platform. The token also appears to be rising due to an upcoming mechanism being added to the network that would burn SHIB tokens and reduce the overall supply.
Robinhood announced Tuesday morning that it had added four tokens that can now be traded on the platform, including SHIB. The popular online brokerage has been slow to add tokens, largely because CEO Vlad Tenev has wanted to make sure they don't spook regulators by adding tokens that regulators believe are unregistered securities. The four new additions bring Robinhood up to 11 cryptocurrencies available on the platform. In comparison, SoFi's online brokerage offers 30 different cryptocurrencies for sale.
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Source Fool.com
