Bold Move Amid the recent volatility in the cryptocurrency market, US-based exchange Robinhood has significantly increased its inventory of Shiba Inu (SHIB) tokens.
Although the ecosystem's native token Shiba is experiencing a slowdown, Robinhood has added a slowdown of over 800 billion SHIB tokens to its portfolio.
Robinhood's SHIB portfolio hits $1 trillion
On August 30, crypto data tracking platform Arkham Intelligence revealed that Robinhood was the fifth largest holder of Ethereum (ETH) and owned 34.086 trillion SHIB tokens worth approximately $279.85 million.
While the cryptocurrency industry as a whole has faced decline, private investors saw an opportunity to accumulate assets during the price drop. Between August 31 and September 13, Robinhood hot wallets recorded an influx of 877 billion SHIB tokens.
One of the broker's known wallets added 579.7 billion SHIB, bringing its total Shiba Inu stock to 8.02 trillion tokens.
This increase indicates a 2.58% rise in Robinhood's SHIB inventory, bringing the total from 34.086 trillion to 34.936 trillion as of today. It is worth noting that only 35 days ago, Robinhood only owned 20 trillion SHIB tokens, which corresponds to approximately 197.40 million US dollars. This increase represents a 74.8% growth in the platform’s Shiba Inu portfolio.
Overall, it remains to be seen how this strategy will fare amid continued market fluctuations as Robinhood continues to increase its exposure to the cryptocurrency market, including through the increase in its SHIB portfolio.
The platform's decision to strengthen its Shiba Inu portfolio indicates a long-term perspective and confidence in the prospects of the Shiba token and ecosystem.
Shiba Inu Layer 2 Solution Achieves Impressive Milestones
Shibarium, the highly anticipated Layer 2 scalability solution for the Shiba Inu ecosystem, has achieved significant milestones and demonstrated its potential.
The most recent data shows Shibarium's remarkable progress, including total blocks, transactions, wallet addresses, and daily trading volume.
Currently, Shibarium has a total of 631,140 blocks. Each block represents a collection of transactions within the Shiba Inu ecosystem. This chart illustrates active usage of the Layer 2 solution.
The total number of transactions carried out through Shibarium reached a whopping 2,610,228. Additionally, Shibarium also recorded an increase in the number of wallet addresses. Currently, the ecosystem has 1,245,886 wallet addresses.
Every day, Shibarium processes an average of 200.88 thousand transactions. This transaction volume enhances the Layer 2 solution's ability to efficiently process a considerable amount of transactions.
Despite positive developments within the Shiba Inu ecosystem and growing confidence from more holders, the SHIB token has only made gains over the past 24 hours and is currently trading at 0.00000740 American dollar.
It is important to note, however, that SHIB has suffered considerable losses over long periods of time. It is worth noting that it has declined by 7.5%, 28% and 38% over fortnightly, thirty-day and year-to-date periods respectively.
If the token continues to generate gains in the coming days, it may encounter short-term resistance at the $0.00000756 level, which could pose a potential obstacle to further price growth.
On the other hand, if SHIB fails to maintain its current level and continues a persistent downtrend, it is possible that the token could fall back to its all-time low of $0.00000563.
This scenario becomes more likely if the latest support level at $0.00000642 is not held and positive news regarding the ecosystem and the entire cryptocurrency market does not lead to a recovery.
The future development of the crypto market remains uncertain and it remains to be determined whether a recovery or a further decline, reminiscent of crypto-winter, is on the agenda.
Featured image by iStock, chart from TradingView.com