Amid the current volatility in the cryptocurrency market, US-based trading platform Robinhood has dramatically raised its holdings of Shiba Inu (SHIB) tokens.
Despite a decline in the Shiba Ecosystem’s native token, Robinhood has increased its holdings of SHIB tokens by more than 800 billion.
(7/7) In crypto, $BTC and $ETH are up, providing alternative investment avenues amid the current stock market volatility. This could attract traders looking for diversification. #Cryptocurrency #Bitcoin #Ethereum
— Master Lion (@InvestingLion) September 7, 2023
Robinhood’s SHIB Portfolio Hits The Trillions
On August 30, the crypto data tracking service Arkham Intelligence announced that Robinhood was the fifth-largest Ethereum (ETH) holder and that it held 34.086 trillion SHIB tokens, which were worth roughly $279.85 million.
#Shibainu has surged to become the third-largest digital asset in Robinhood's portfolio, closely trailing behind Bitcoin and Ethereum.
The brokerage's wallets now securely hold an impressive 34.97 trillion SHIB tokens, amounting to a remarkable $246.85 million in value. https://t.co/cQr1oHsETj pic.twitter.com/W2qX1Auysn— RRR (@RishikeshSarker) September 13, 2023
Although the whole cryptocurrency market was in decline, retail investors saw a chance to amass assets amid the price decline. 877 billion SHIB tokens were added to Robinhood’s hot wallets between August 31 and September 13.
The brokerage’s total Shiba Inu holdings reached 8.02 trillion tokens after one of its known wallets added 579.7 billion SHIB.
This gain means that Robinhood’s SHIB holdings have increased by 2.58% as of the current date, from 34.086 trillion to 34.936 trillion. Surprisingly, 35 days earlier, Robinhood only had 20 trillion SHIB tokens, or about $197.40 million, in its possession. This increase indicates a 74.8% gain in the Shiba Inu portfolio on the marketplace.
Overall, it is unclear how this plan will play out given the continued market turbulence as Robinhood continues to deepen its presence in the cryptocurrency sector, particularly with its expanded SHIB holdings.
The platform’s decision to expand its Shiba Inu portfolio indicates that it has a long-term perspective and is optimistic about the future of the token and the Shiba Ecosystem.
Shiba Inu’s Layer-2 Solution Hits Impressive Milestones
Shibarium, the Shiba Inu ecosystem’s much-anticipated layer-2 scaling solution, has accomplished key milestones and shown its promise.
The most recent data, which includes total blocks, transactions, wallet addresses, and daily transaction volume, demonstrates Shibarium’s appreciable development.
🐕 Shiba Inu's Shibarium is on 🔥
Shiba Inu's layer-2 scaling solution, Shibarium, is soaring! With over 2.5 million transactions and 1.2 million unique wallet addresses, it's making waves.
🚀 The Bone Shibaswap (BONE) now stands at a whopping 27.1 million!
Despite some… pic.twitter.com/BUoJsbgWrk
— BuzzBeatHQ 🚀 (@mely_buzz) September 14, 2023
Shibarium now has 631,140 blocks in total. A group of transactions inside the Shiba Inu ecosystem is represented by each block. The layer-2 solution is being actively used, as shown in this picture.
An astounding 2,610,228 transactions have been completed through Shibarium overall. Additionally, Shibarium has seen a rise in wallet addresses. The ecosystem now contains 1,245,886 wallet addresses.
Conversely, there is a chance that SHIB might retrace to its record low of $0.00000563 if it is unable to hold its current level and continues on a protracted downward trend.
This possibility increases if its most recent support level of $0.00000642 fails to hold encouraging information about the ecosystem and the larger crypto market is ineffective in causing a rebound.
I've seen it on social networking sites, and I like it
— Subin (@Subin688) September 13, 2023
It is yet unclear how the crypto market will develop in the future; either a recovery or a further collapse akin to the crypto winter are possible outcomes.
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