In a bold move amidst the recent volatility in the cryptocurrency market, US-based trading platform Robinhood has significantly increased its holdings of Shiba Inu (SHIB) tokens. Despite the downturn in the native token of the Shiba Inu ecosystem, Robinhood has added over 800 billion SHIB tokens to its portfolio.
On August 30, crypto data tracking platform Arkham Intelligence revealed that Robinhood ranked as the fifth-largest holder of Ethereum (ETH) and owned 34.086 trillion SHIB tokens, valued at approximately $279.85 million. This indicates Robinhood’s strong interest and confidence in the Shiba Inu token.
While the broader cryptocurrency industry faced a decline, retail investors saw an opportunity to accumulate assets during the price drop. Between August 31 and September 13, Robinhood’s hot wallets witnessed an influx of 877 billion SHIB tokens. One of the brokerage’s known wallets added 579.7 billion SHIB, bringing its total Shiba Inu holdings to 8.02 trillion tokens.
This increase in holdings represents a 2.58% rise in Robinhood’s SHIB holdings, bringing the total from 34.086 trillion to 34.936 trillion as of the current date. Just 35 days prior, Robinhood held a mere 20 trillion SHIB tokens. This surge represents a 74.8% growth in the platform’s Shiba Inu portfolio, indicating its long-term outlook and confidence in the token and the Shiba Inu ecosystem.
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As Robinhood continues to expand its involvement in the cryptocurrency market, particularly with its increased SHIB holdings, it remains to be seen how this strategy will unfold amidst the ongoing market fluctuations. The platform’s move to bolster its Shiba Inu portfolio suggests a belief in the potential of the token and the ecosystem.
Meanwhile, the Shiba Inu ecosystem’s layer-2 scalability solution, Shibarium, has reached significant milestones, demonstrating its potential. The latest data showcases the notable progress of Shibarium in terms of total blocks, transactions, wallet addresses, and daily transaction volume. Currently, Shibarium boasts a total of 631,140 blocks, highlighting its active usage. The number of transactions conducted through Shibarium has reached 2,610,228, and it has witnessed a surge in wallet addresses, with 1,245,886 wallet addresses within the ecosystem. Additionally, Shibarium processes an average of 200.88K transactions daily, further reinforcing its ability to handle a substantial load of transactions efficiently.
Despite these positive developments within the Shiba Inu ecosystem and the growing trust from more holders, the SHIB token has only shown profits over the past 24 hours, currently trading at $0.00000740. However, it is crucial to note that SHIB has experienced significant losses over longer time frames, declining by 7.5%, 28%, and 38% over the fourteen-day, thirty-day, and year-to-date periods. The future trajectory of the crypto market remains uncertain, and it is yet to be determined whether a recovery or further decline reminiscent of the crypto winter is on the horizon.
In conclusion, Robinhood’s significant increase in its Shiba Inu token holdings showcases its confidence in the token and the Shiba Inu ecosystem. The growth in holdings and the expansion of the Shiba Inu ecosystem’s layer-2 scalability solution, Shibarium, demonstrate the potential of the project. However, the broader cryptocurrency market’s volatility and the SHIB token’s previous losses highlight the uncertainty that still surrounds the crypto market. As Robinhood continues to navigate these market fluctuations, its strategy and the outcome of its increased SHIB holdings will be closely watched by investors and industry observers alike.
Featured image from iStock, chart from TradingView.com.
