Robinhood Brings Shiba Inu to New Markets: Hawaii, Puerto Rico, and US Virgin Islands

Hawaii, Puerto Rico, and U.S. Virgin Islands residents can now trade Shiba Inu (SHIB) through Robinhood’s trading platform.

Robinhood revealed the development in an X post today, emphasizing that the move is part of efforts to extend its services across the United States.

Crypto trading on Robinhood is now available in Hawaii, Puerto Rico, and the US Virgin Islands 🔥 pic.twitter.com/rpO4WDoLK3

— Robinhood (@RobinhoodApp) July 2, 2024

Robinhood to Foster SHIB Adoption Via Expansion Plans 

With Robinhood’s trading service now available in Hawaii, Puerto Rico, and the U.S. Virgin Islands, crypto enthusiasts residing in these U.S. territories can buy and sell digital assets supported on the platform, including Shiba Inu. 

Robinhood’s expansion into the regions will further bolster Shiba Inu’s visibility and potentially drive the token’s mainstream adoption. This is not the first time that Robinhood has expanded Shiba Inu’s coverage across the United States. 

In October, the firm extended its crypto trading service to Nevada, enabling users to trade 15 crypto assets, including SHIB. Furthermore, Robinhood made SHIB, Compound (COMP), and Avalanche (AVAX) available to New York customers in April. 

Not relenting, Robinhood has extended its crypto trading service to more U.S. territories, such as the U.S. Virgin Islands, Hawaii, and Puerto Rico. Although Robinhood did not share specific details about the recent milestone, expanding into these regions requires the firm to obtain relevant licenses. 

SHIB Soars 1.07% Amid Robinhood’s Continuous Support 

At the time of writing, Shiba Inu is up 1.07% over the past 24 hours to $0.00001731. The gain aligns with Bitcoin’s (BTC) price action, which has witnessed a 24-hour increase of 0.76%. 

For context, Robinhood listed SHIB in April 2022 following immense pressure from Shiba Inu community members. Since then, Robinhood has been one of the avenues for hefty acquisitions of SHIB. In May, a crypto whale moved 1.75 trillion SHIB from Robinhood to an untagged blockchain wallet. 

Robinhood’s SHIB Holdings 

Meanwhile, Robinhood is currently among the top holders of Shiba Inu, with one of its wallets holding 33.95 trillion SHIB, equivalent to $588 million, making the wallet the fourth largest holder of the dog-themed token. 

Additionally, two other wallets affiliated with Robinhood hold 5.68 trillion and 4.8 trillion SHIB, respectively. Interestingly, these addresses are ranked among the top 20 largest holders of SHIB.