Shiba Inu Investors Remain Bullish Despite Price Drop
The Shiba Inu price has experienced a significant decline in recent months, reaching levels not seen since June. This has led to doubts about the cryptocurrency’s performance. However, recent developments suggest that investors are still confident in Shiba Inu.
Robinhood Witnesses Influx of SHIB Tokens
While Robinhood is known for facilitating the trading of meme stocks and Dogecoin, it has also become a popular platform for Shiba Inu trading. Despite the bear market, there has been a continuous inflow of SHIB tokens into Robinhood’s hot wallets.
In the past month alone, over 878 billion Shiba Inu tokens were transferred to one of Robinhood’s wallets. September has also seen an influx of more than 579 billion tokens. Just this week, over 200 billion SHIB tokens were sent to the wallet.
One Robinhood wallet alone holds over 8.042 trillion SHIB, worth around $58.3 million at current prices. When combined with the platform’s other SHIB wallets, which includes one holding 20 trillion tokens, Robinhood becomes the third-largest Shiba Inu holder.
Shiba Inu Price Remains Promising
The decline in Shiba Inu price hasn’t deterred investors in the community. The growth of Shibarium, an Ethereum Layer 2 blockchain, is evidence of this. Within a few weeks of its launch, Shibarium has achieved numerous milestones with millions of transactions and over a million wallets.
As Shiba Inu is the official governance token of Shibarium, increased activity on the network will drive demand for the token and potentially increase its value. However, for now, SHIB continues to face challenges from the crypto bear market, causing its market cap to drop.
Hot Take: Shiba Inu Investors Remain Optimistic Amid Price Decline
Despite the recent price drop and challenges faced by Shiba Inu in the crypto market, investors are still showing confidence in the meme coin. The influx of SHIB tokens into Robinhood wallets indicates continued interest and investment in the cryptocurrency. Additionally, the growth of Shibarium and its increasing number of transactions and wallets highlight the potential for future demand and value appreciation for Shiba Inu.
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