Categories: CryptocurrencyNews

Robinhood Becomes Shiba Inu Major Player With 14 Trillion SHIB New Addition

In a remarkable display of its crypto prowess, Robinhood has emerged as a major player in the world of Shiba Inu with a staggering 34 trillion SHIB holdings. With this impressive feat, Robinhood secures its position as one of the largest holders of SHIB tokens.

Additionally, the trading platform also boasts the title of the fifth-largest custodian of Ethereum (ETH) and owns a substantial Bitcoin portfolio valued at approximately $3.2 billion.

Read Also: Binance To Remove Certain Trading Pairs Related to XRP and Shiba Inu (SHIB). Here’s why

Robinhood’s Rapid Rise in Shiba Inu Holdings

Robinhood’s accumulation of SHIB tokens has been nothing short of impressive, with its holdings skyrocketing in a matter of days. Just three weeks ago, the firm held about 20 trillion SHIB tokens, valued at roughly $197.4 million.

However, recent data reveals that Robinhood has added a staggering 14.086 trillion SHIB tokens to its portfolio, bringing its total SHIB holdings to approximately $279.85 million—an astounding 70.4% increase. Interestingly, this surge in holdings coincides with the reopening of Shibarium, Shiba Inu’s layer-2 scaling solution.

Delving deeper into Robinhood’s wallets, it becomes evident that the exchange holds its 34 trillion Shiba Inu tokens across three main wallet addresses: 0x40B38765696e3d5d8d9d834D8AaD4bB6e418E489 (20 trillion SHIB), 0x73AF3bcf944a6559933396c1577B257e2054D935 (7.44 trillion SHIB), and 0x2eFB50e952580f4ff32D8d2122853432bbF2E204 (6.59 trillion SHIB).

Robinhood BTC, ETH, SHIB Holdings

The Impact of Shibarium’s Reopening

The recent reopening of Shibarium appears to have significant implications for the entire Shiba Inu ecosystem. Notably, the platform has witnessed a 564% surge in wallet addresses and a 71.3% increase in transactions.

These statistics indicate a rapidly expanding ecosystem surrounding the SHIB token, suggesting that Robinhood’s decision to increase its SHIB holdings is a calculated move to leverage the token’s growing popularity and ecosystem.

Read Also: Changelly Shares Shiba Inu (SHIB) Price Prediction for September 2023. Here are the Targets

Shiba Inu (SHIB) Market Performance

Despite the remarkable achievements of Robinhood and the growing Shiba Inu ecosystem, the sentiment around the SHIB in the market remains bearish. Over the past 24 hours, the token has experienced a decline, with its price dropping to $0.000007982.

Robinhood’s ascent as one of the largest holders of Shiba Inu tokens further solidifies its position in the crypto industry. With an ever-expanding portfolio that includes substantial holdings of SHIB, Ethereum, and Bitcoin, Robinhood continues to leave an indelible mark on the crypto landscape.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.

Recent Posts

Bank for International Settlements Makes ISO 20022 Adoption Claim For XRP and XLM

The integration of ISO 20022 as a global messaging standard for financial transactions is a…

22 minutes ago

Best Cryptos to Buy in November 2024: Learn More About Qubetics, Polkadot, and Avalanche

The crypto market is buzzing again, and November 2024 is shaping up to be one…

4 hours ago

XRP Price Spikes As SEC Chair Gensler Officially Announces Resignation Date

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…

4 hours ago

The Best Casino Games That You May Be Overlooking

Asking a bettor what their favorite casino games are will always result in one of…

5 hours ago

Biggest In Almost 3 Years: Something Big Is Coming For XRP

A prominent cryptocurrency market analyst, Armando Pantoja, has suggested that XRP might be on the…

5 hours ago

Explosive Crypto Bull Run 2024! Don’t Miss the Biggest Opportunity of the Decade!

As the new year dawns, the crypto world is buzzing with predictions of an epic…

6 hours ago