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Robinhood to Give away SHIB coin worth 100,000 USD to 10k users; SHIB Coin Streams $1bn in Market Capitalization over 1 hour

Robinhood, an investment platform that focuses on cryptocurrency assets, recently announced plans to gift 10,000 users SHIB coins worth 100,000 USD. The announcement comes after Robinhood listed Shiba Inu, Solana, and Compound on its platform.

The platform made the announcement on its Twitter page, during which it supplied instructions to account holders on locating their username. Unsurprisingly, the Internet went into a frenzy following the announcement.

Customers have to be part of the first 10,000 to rebroadcast the freebie link via Twitter to qualify. The deadline for the participation is 10.30 PM Greenwich Meridian Time on Tuesday.

According to Robinhood’s tweet, winners would access their gifts about 24 hours after making the retweet. In addition to the excitement the tweet sparked, many users flooded Robinhood’s platform to purchase Shiba Inu coins.

Shiba Inu Coin Gulps $1 billion Within 1 hour

Shiba Inu streamed $1 billion in virtual assets within one hour during the last 24 hours, according to a CoinMarketCap report. The dog coin’s market capitalization now stands at $13.75 billion, increasing by over 1 billion USD within the last day.

The current statistics place the Shiba Inu coin as the coin with the biggest gain among the 100 most valuable virtual assets by market capitalization. Meanwhile, stats show that 258,294,131 SHIB burnt over the last days indicating another significant loss in the number of coins in circulation.

Over 30% of Nigerians Invest in Cryptocurrency, According to a New Report

Amidst high inflation rates, citizens of the most populous black nation appear increasingly comfortable with virtual assets over fiat money. Nigerians frantically join the crypto train to beat inflation or fulfill other intentions, according to a study by KuCoin, a local cryptocurrency exchange.

KuCoin’s report shows that over 30 million Nigerians, equivalent to about 35% of the nation’s populace, owned cryptocurrencies within the last two quarters of the year. The exchange released the report this Tuesday.

Moreover, the report showed that about half of Nigerian virtual asset investors saved over 50% of their assets into virtual currencies. Also, KuCoin reports that about 65% of digital asset investors utilize peer-to-peer trading in depositing the national legal tender into crypto.

Reasons for the Massive Investments

KuCoin highlighted limited access to cheap financial services as one of the most significant drivers of this trend. The exchange also reported that the slow process of transferring funds via traditional bank outlets was another main driver of the observed trends.

Additionally, KuCoin believes that the low standard of living in the country amidst high inflation and employment rates are other significant causes. Lastly, the report said that the relatively youthful population of Nigeria generally makes the nation friendly to adopt a virtual asset-based 

financial environment.

Meanwhile, the International Monetary Fund (IMF) says that nations with high corruption levels have a higher chance of using virtual assets. As of this report, Nigeria sits at 154th position out of 180 countries on a corruption index set up by Transparency International.

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