Robinhood Acquires Over 800 Billion SHIB Tokens Despite Market Volatility
Amidst recent volatility in the cryptocurrency market, US-based trading platform Robinhood has made a bold move by significantly increasing its holdings of Shiba Inu (SHIB) tokens. Despite the downturn in the native token of the Shiba Ecosystem, Robinhood has added over 800 billion SHIB tokens to its portfolio.
Robinhood’s SHIB Portfolio Hits The Trillions
Crypto data tracking platform Arkham Intelligence has revealed that Robinhood now ranks as the fifth-largest holder of Ethereum (ETH) and owns 34.086 trillion SHIB tokens, valued at approximately $279.85 million. During a decline in the broader cryptocurrency industry, Robinhood’s hot wallets have seen an influx of 877 billion SHIB tokens between August 31 and September 13. This increase brings Robinhood’s total Shiba Inu holdings to 8.02 trillion tokens, representing a 2.58% rise.
Shiba Inu’s Layer-2 Solution Reaches Impressive Milestones
Shibarium, the highly anticipated layer-2 scalability solution of the Shiba Inu ecosystem, has achieved significant milestones that showcase its potential. The latest data shows that Shibarium has reached a total of 631,140 blocks, conducted over 2.6 million transactions, and has 1.25 million wallet addresses within the ecosystem. It processes an average of 200.88K transactions daily, demonstrating its efficiency in handling a substantial load of transactions.
SHIB Token Performance and Future Outlook
Despite positive developments within the Shiba Inu ecosystem and growing trust from more holders, the SHIB token has only shown profits over the past 24 hours, currently trading at $0.00000740. However, it has experienced significant losses over longer time frames. The future trajectory of the crypto market remains uncertain, and it is yet to be determined whether a recovery or further decline is on the horizon.
Hot Take: Robinhood’s Expansion in the Crypto Market and SHIB Holdings
Robinhood’s decision to increase its SHIB holdings showcases its long-term outlook and confidence in the prospects of the token and the Shiba Inu ecosystem. As the platform 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 ongoing market fluctuations. The future performance of SHIB and the overall crypto market will be closely watched by investors.
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