In a bold move amid the recent ups and downs in the cryptocurrency market, the US-based trading platform Robinhood has significantly increased its holdings of Shiba Inu (SHIB) tokens.
Despite Shiba Inu’s native token experiencing a drop in value, Robinhood has added over 800 billion SHIB tokens to its portfolio.
Robinhood’s SHIB Holdings Reach Trillions
On August 30, a crypto data tracking platform called Arkham Intelligence revealed that Robinhood was the fifth-largest holder of Ethereum (ETH) and owned 34.086 trillion SHIB tokens, which were worth approximately $279.85 million.
While the wider cryptocurrency market saw a decline, retail investors saw an opportunity to buy assets when prices dropped. Between August 31 and September 13, Robinhood’s wallets received an influx of 877 billion SHIB tokens.
One of Robinhood’s known wallets added 579.7 billion SHIB tokens, bringing its total Shiba Inu holdings to 8.02 trillion tokens.
This increase represents a 2.58% rise in Robinhood’s SHIB holdings, increasing the total from 34.086 trillion to 34.936 trillion as of the current date. Notably, just 35 days ago, Robinhood held only 20 trillion SHIB tokens, which were equivalent to around $197.40 million. This surge indicates a 74.8% growth in Robinhood’s Shiba Inu portfolio.
Overall, as Robinhood continues to get more involved in the cryptocurrency market, especially with its increased SHIB holdings, it remains to be seen how this strategy will perform in the face of ongoing market fluctuations.
Robinhood’s decision to boost its Shiba Inu portfolio suggests a long-term outlook and confidence in the potential of the token and the Shiba Inu ecosystem.
Shiba Inu’s Layer-2 Solution Achieves Impressive Milestones
Shibarium, the highly anticipated layer-2 scalability solution of the Shiba Inu ecosystem, has reached significant milestones, demonstrating its potential.
The latest data shows the impressive progress of Shibarium, including total blocks, transactions, wallet addresses, and daily transaction volume.
Currently, Shibarium has a total of 631,140 blocks. Each block represents a collection of transactions within the Shiba Inu ecosystem, indicating active usage of the layer-2 solution.
The total number of transactions conducted through Shibarium has reached a remarkable 2,610,228. Additionally, there has been a surge in wallet addresses, with 1,245,886 wallet addresses within the ecosystem.
On a daily basis, Shibarium processes an average of 200.88K transactions, highlighting its ability to efficiently handle a substantial volume of transactions.
Despite these positive developments within the Shiba Inu ecosystem and growing trust from more holders, the SHIB token has only shown profits in the last 24 hours, currently trading at $0.00000740.
However, it’s important to note that SHIB has experienced significant losses over longer time frames, declining by 7.5%, 28%, and 38% over the past fourteen days, thirty days, and year-to-date periods.
In the short term, if the token continues to generate profits in the coming days, it may encounter resistance at the $0.00000756 level, potentially hindering further price increases.
Conversely, if SHIB fails to maintain its current level and continues on a prolonged downward trend, there is a possibility that the token could fall back to its all-time low of $0.00000563. This scenario becomes more likely if its last support level at $0.00000642 doesn’t hold, and positive news regarding the ecosystem and the overall crypto market fails to stimulate a recovery.
The future direction of the crypto market remains uncertain, and it’s yet to be determined whether we’ll see a recovery or further declines, similar to the crypto winter experienced in the past.
[Featured image from iStock, chart from TradingView.com]
