Popular crypto exchange Robinhood has continued to bolster its Shiba Inu holdings, amassing a staggering 35 trillion SHIB tokens in a relentless buying spree.

This strategic manoeuvre comes amidst intense market volatility, showcasing Robinhood’s commitment to securing a substantial SHIB portfolio at impressively discounted rates.

According to data from the blockchain analytics firm Arkham Intelligence, Robinhood’s largest hot wallet added a staggering 877 billion SHIB tokens to its crypto holdings between August 31 and September 13, bringing its total SHIB stash to 34.96 trillion tokens valued at $254.5 million. Notably, SHIB is the exchange’s third largest cryptocurrency holding after Bitcoin and Ether.

The timing of Robinhood’s accumulation couldn’t be more intriguing. Shiba Inu, often dubbed the “Dogecoin Killer”, witnessed a meteoric rise on August 12th, 2023, when its price soared to $0.00001100. This surge preceded the launch of Shibarium L2 mainnet, signaling a turning point for the canine-themed cryptocurrency.

This substantial increase in holdings positions Robinhood as a formidable player in the SHIB market, bringing it closer to the reigning Shiba Inu custodian, Binance.

Binance, a global crypto exchange giant, currently has the largest SHIB portfolio, currently holding 42.12 trillion SHIB tokens. With a total value of approximately $305 million, Binance’s SHIB holdings extend into a public wallet known as “Binance 8”, which houses an additional 33.9 trillion SHIB tokens valued at around $245 million.

To put these figures into perspective, Binance collectively owns a remarkable 7.6% of the total circulating supply of Shiba Inu, while Robinhood commands a substantial 2% share, as per data from the blockchain explorer EtherScan. Notably, another major SHIB custodian is the American crypto platform Crypto.com, which reportedly holds 20% of the exchange’s total reserves in SHIB, emphasizing the growing popularity of this beloved canine-themed token.

Major exchanges’ significant accumulations of Shiba Inu tokens underscore their belief in SHIB as a promising long-term asset. Elsewhere, retail investors have also shown increased interest in the second-largest meme coin by market capitalization, with whales making significant transfers between wallets in the past month.

Meanwhile, despite the Shiba Inu (SHIB) network buzzing with whale activity, the price is yet to follow suit. Since mid-May, SHIB’s price has been constricted to a sideways channel as bears and bulls fight for control. Nevertheless, the price finally reached critical support at around $0.000007. However, the price needs to reclaim $0.000008 to turn the trend bullish.

At press time, SHIB was trading at $0.000007368 after a 0.46% surge in the past 24 hours, as per CoinMarketCap data.

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Filed under: Bitcoin - @ September 15, 2023 4:14 pm