Crypto Application Raises SHIB Reserves by 35 Trillion

Recently, a large movement caught the attention of the crypto community: the Robinhood crypto platform, widely known for democratizing financial asset trading, significantly expanded its reserve of the Shiba Inu token (SHIB).

Recent data shows that as autumn approaches, Robinhood has added an additional 878.5 billion $SHIB tokens. Its current collection is nothing short of astonishing: 35 trillion SHIB coins, with an approximate market value of US$25.5 million. As of the end of August, the California-based company had “just” 20 trillion tokens, valued at approximately $200 million.

But what would be the reason behind this impulse to buy Shiba Inu through the Robinhood App? Some analysis suggests that Robinhood is taking advantage of price swings to stock up on $SHIB. Let’s not forget that, on August 12, the currency had a significant increase, reaching US$0.00001107. This occurred right before the launch of the Shibarium L2 mainnet, an important milestone for the Shiba Inu ecosystem.

Robinhood just bought almost 1Trillion #SHIB and their total stash is almost 35Trillion now 👇

When you are selling low , they are buying it and i wonder they keep buying – is it because there will be a demand on their CEX soon ? 😍

Good Morning #Shibarmy…

— Lola (@CryptoLollla) September 13, 2023

This strategy appears to be proving fruitful for Robinhood. After all, its actions position the company increasingly closer to Binance, the global giant in the crypto world. Binance currently holds 42.13 trillion $SHIB tokens, worth over $550 million when combined with its other public wallet, ‘Binance 8’. According to EtherScan, Binance has in its possession about 7.6% of the total circulating supply of Shiba Inu. By comparison, Robinhood holds 2%. But look in the rearview mirror, Binance: Robinhood is accelerating!

It is interesting to note that, in addition to Binance and Robinhood, the American platform Crypto.com also has a robust presence in the SHIB market. It is estimated that 20% of the platform’s total reserves are in $SHIB.

In the current crypto landscape, Robinhood’s strategy signals confidence in Shiba Inu’s growth potential. With volatility always present, it is essential to keep an eye on the movements of these large platforms.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.