On Thursday, Robinhood general manager of cryptocurrency Johannn Kerbrat posted an update on the highly anticipated Robinhood Wallet on Twitter. According to Kerbrat, the exchange has already started rolling out the wallet to more than one million users on the waitlist.
The wallet, which has been in development for some time, will support more than 50 cryptocurrencies, allowing users to not only transfer their digital assets but also exchange them for other cryptocurrencies. The Robinhood wallet is also supported by the Ethereum and Polygon blockchains.
Some of the most notable names in supported cryptocurrencies include Shiba Inu, ETH, Solana (SOL), and USDC, among others. Additionally, the wallet will provide support for NFTs on the Ethereum and Polygon blockchains. Another interesting addition is that there are reportedly no fees when users use the Robinhood wallet to exchange on Polygon. The Robinhood wallet is currently rolling out to iOS users, who will receive a code to access the wallet. Users who download the app and gain access also receive a $5 bonus.
News of the Robinhood wallet helped prop up Shiba Inu prices during this time. While the meme coin’s price hasn’t seen wild swings, SHIB has been able to maintain its position above the $0.000011 support level, which is important for the altcoin to continue its bullish trend. It's also important to note that support for Shiba Inu was introduced before the addition of rival Dogecoin, the clear favorite on Robinhood's platform. Investors on exchanges can now easily invest in SHIB and transfer their coins without being locked into a single platform.
As for SHIB’s current price, memecoins continue to show great potential. Its price is stable at $0.0000114 after gaining 1.48% in the past 24 hours. Last week’s gains also held at a high of 18%, according to Coinmarketcap. However, the meme token is also in a bearish trend due to a drop in trading volume in the last day. Down 58% to $322.4 million in the last 24 hours.
