This Exchange Raised Over 13 Trillion SHIB While Holders Were Concerned About Price — $0.001 Shiba Inu...
There seems to be some exciting movement in the crypto space, especially regarding Shiba Inu (SHIB). Notably, despite the coin’s sideways trading over the past few months, leaving investors uncertain, American crypto exchange Robinhood has been steadily accumulating the leading meme coin. This movement is attracting significant attention, indicating the potential for a price surge soon.
On September 22, CyptoLolla, a leading member of the SHIB community, highlighted Robinhood’s recent accumulation of over 13 trillion SHIB.
“Last year I tweeted that Robinhood USA was holding 34 trillion SHIB, but now they have 47 trillion Shiba Inu,” she tweeted, referencing insights from Arkham Intelligence. This increase in Robinhood’s SHIB holdings underscores the continued flow of investment into the Shiba Inu ecosystem.
That said, Robinhood’s 38% increase in its SHIB holdings, from 34 trillion to 47 trillion tokens, signals growing interest from large investors. As a key player in the crypto market, Robinhood is known for its strategic bets on digital assets. Shiba Inu has become its third-largest cryptocurrency holding, behind only Bitcoin and Ethereum, the top two cryptocurrencies by market cap. This growing stake strongly indicates that major market participants recognize the long-term potential of the meme coin.
With Robinhood holding 47 trillion SHIB tokens, valued at approximately $685 million, many analysts are reassessing their outlook on the coin. Many within the community share Cryptololla’s confidence in SHIB’s future growth. She further emphasized that holders should focus on the data rather than succumbing to fear, uncertainty, and doubt (FUD).
“So whoever is saying we are losing value is not looking at the DATA.”
As the amount of SHIB in circulation continues to increase, the community’s hopes of reaching the coveted $0.001 price point are growing. Robinhood’s significant accumulation suggests that institutional investors may be positioning themselves for long-term growth. This level of interest could help push SHIB closer to its target price despite volatility in the broader crypto market.
Additionally, as more investors flock to the ecosystem, the number of wallets holding SHIB has increased. According to Etherscan, over 1.4 million wallets now hold SHIB, an increase of 100,000 users from the previous year.
At the time of writing, SHIB is trading at $0.00001449, reflecting a price increase of 11.39% over the past 7 days.
