In a bold move amidst the cryptocurrency market’s recent volatility, US-based trading platform Robinhood has significantly increased its Shiba Inu (SHIB) tokens holdings.
Despite the native token of the Shiba Ecosystem experiencing a downturn, Robinhood has added over 800 billion SHIB tokens to its portfolio.
Robinhood’s SHIB Portfolio Hits The Trillions
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.
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 indicates 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. Remarkably, just 35 days prior, Robinhood held a mere 20 trillion SHIB tokens, equivalent to around $197.40 million. This surge represents a 74.8% growth in the platform’s Shiba Inu portfolio.
Overall, 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 long-term outlook and confidence in the prospects of the token and the Shiba Ecosystem.
Shiba Inu’s Layer-2 Solution Hits 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 showcases the notable progress of Shibarium, including total blocks, transactions, wallet addresses, and daily transaction volume.
Currently, Shibarium boasts a total of 631,140 blocks. Each block represents a collection of transactions within the Shiba Inu ecosystem. This figure highlights the active usage of the layer-2 solution.
The total number of transactions conducted through Shibarium has reached a remarkable 2,610,228. Moreover, Shibarium has also witnessed a surge in wallet addresses. Currently, there are 1,245,886 wallet addresses within the ecosystem.
Daily, Shibarium processes an average of 200.88K transactions. This transaction volume further reinforces the layer-2 solution’s ability to handle a substantial load of transactions efficiently.
Despite the 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. Notably, it has declined by 7.5%, 28%, and 38% over the fourteen-day, thirty-day, and year-to-date periods.
In the near term, if the token continues to generate profits in the coming days, it may encounter resistance at the $0.00000756 level, presenting a potential obstacle to further price appreciation.
Conversely, if SHIB fails to maintain its current level and continues on a prolonged downward trend, there is a possibility that the token could retrace to its all-time low of $0.00000563.
This scenario becomes more likely if its last support floor at $0.00000642 does not hold, and positive news regarding the ecosystem and the overall crypto market fails to spur a recovery.
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.
Featured image from iStock, chart from TradingView.com