Bitcoin News

Robinhood’s 35 Trillion Token Acquisition Sparks Speculation Of Imminent Price Surge


In a bold move amidst the cryptocurrency market’s recent volatility, US-based trading platform Robinhood has significantly increased its Shiba Inu (SHIB) tokens holdings. 

Despite the native token of the Shiba Ecosystem experiencing a downturn, Robinhood has added over 800 billion SHIB tokens to its portfolio.

Robinhood’s SHIB Portfolio Hits The Trillions

On August 30, crypto data tracking platform Arkham Intelligence revealed that Robinhood ranked as the fifth-largest holder of Ethereum (ETH) and owned 34.086 trillion SHIB tokens, valued at approximately $279.85 million.

Robinhood’s SHIB holdings as of August 30. Source: Arkham Intel on X.

While the broader cryptocurrency industry faced a decline, retail investors saw an opportunity to accumulate assets during the price drop. Between August 31 and September 13, Robinhood’s hot wallets witnessed an influx of 877 billion SHIB tokens. 

One of the brokerage’s known wallets added 579.7 billion SHIB, bringing its total Shiba Inu holdings to 8.02 trillion tokens.

This increase indicates a 2.58% rise in Robinhood’s SHIB holdings, bringing the total from 34.086 trillion to 34.936 trillion as of the current date. Remarkably, just 35 days prior, Robinhood held a mere 20 trillion SHIB tokens, equivalent to around $197.40 million. This surge represents a 74.8% growth in the platform’s Shiba Inu portfolio.

Overall, as Robinhood 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 the ongoing market fluctuations. 

The platform’s move to bolster its Shiba Inu portfolio suggests a long-term outlook and confidence in the prospects of the token and the Shiba Ecosystem.

Shiba Inu’s Layer-2 Solution Hits Impressive Milestones

Shibarium, the highly anticipated layer-2 scalability solution of the Shiba Inu ecosystem, has reached significant milestones, demonstrating its potential. 

The latest data showcases the notable progress of Shibarium, including total blocks, transactions, wallet addresses, and daily transaction volume.

Currently, Shibarium boasts a total of 631,140 blocks. Each block represents a collection of transactions within the Shiba Inu ecosystem. This figure highlights the active usage of the layer-2 solution.

The total number of transactions conducted through Shibarium has reached a remarkable 2,610,228. Moreover, Shibarium has also…

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