Crypto: Robinhood quietly accumulates billions of Shiba Inu

Robinhood, the renowned trading platform, has reportedly significantly increased its reserves in Shiba Inu (SHIB). This crypto, inspired by the Dogecoin meme, is attracting more and more covetous attention.

Massive Accumulation of Shiba Inu in Just Days

According to data from the blockchain analyzed by Arkham Intelligence, Robinhood has undertaken massive purchases of Shiba Inu (SHIB) over the last 24 hours. No less than 230 billion SHIB tokens, valued at a total of 350 million dollars, have thus been added to the broker’s crypto wallet.

This movement comes as SHIB is going through a rough patch. The canine crypto has lost more than 50% of its value since its all-time high in October 2021, at $0.00008845. Yet, certain technical signals suggest a growing appetite from “whales.”

Indeed, the net flow of major SHIB holders has literally exploded by 1542% on the IntoTheBlock platform in the last few hours. This spike is generally interpreted as a sign of discreet accumulation by the whales before a future bullish rally.

Towards New Peaks for the “Dogecoin Killer”?

It’s not the first time that Robinhood has placed big bets on meme cryptos, those tokens that started as a joke. Already in 2021, the platform had massively stocked up on Dogecoins before allowing its users to trade the canine star of cryptos.

This sudden appetite for Shiba Inu from a major player like Robinhood is evidence of its growing adoption. Long criticized and mocked for its lack of practical utility, the canine currency is now generating definite excitement among the general public.

Proof of this is its market capitalization, which is close to 5 billion dollars, placing SHIB as the 16th largest crypto globally according to CoinMarketCap. With a daily trading volume exceeding 100 million dollars, this self-proclaimed “Dogecoin killer” continues to gain legitimacy.

Moreover, the highly engaged community of the project continues to highlight new features, such as the Shiba Inu metaverse. This could potentially boost the ecosystem.

Indeed, at $0.000009544 per coin at the time of writing, the SHIB price remains volatile and weak in the short term. Nevertheless, this recent accumulation by Robinhood suggests to some that there could be a possible spike in 2024.

After setting an all-time high at $0.00008845 in October 2021, Shiba Inu may thus have the opportunity to continue its success story.