Robinhood adds 800 billion Shiba Inu to its crypto holdings

57
2
Robinhood adds 800 billion Shiba Inu to its crypto holdings

Robinhood, the U.S. trading platform that owns the fourth-largest Bitcoin wallet and fifth-largest Ethereum wallet, added an additional 800 billion Shiba Inu tokens to its crypto holdings during the bear market.

On August 31, blockchain analytics firm Arkham Intelligence identified that Robinhood was a major investor in the cryptocurrency market and was considered a whale in the crypto market, an individual or organization that holds a substantial amount of a particular crypto asset that can affect its value depending on the whale's activity.

The blockchain firm has revealed the top three assets of Robinhood's crypto holding, including Bitcoin, Ethereum and Shiba Inu.

On Aug. 31, Robinhood had a total of 34.086 trillion Shiba Inu tokens, equivalent to $279.85 million. By Thursday, the platform's portfolio revealed that it had an increase of 102.48% in its SHIB holdings or an inflow of around 845 billion.

In the bear season, the massive inflow occurred, particularly when the market was painting red indices and Bitcoin was narrowly trading between the $25,000 and $26,000 price ranges.

And it looks like Shibarium, the layer-2-1 scalability solution of Shiba Ecosystem, is just the beginning of the many upcoming projects the team is working on for the community.

Shytohi Kusama, the pseudonymous lead developer of the Shiba Ecosystem, resurfaced this week after a social media hiatus and surprised the community by mentioning some'secret initiatives', including AI initiatives for SHIB.

On the bad idea AI Telegram channel, Kusama said that it would be a waste of time to talk to people about bad ideas.

SHIB was down at $0.0000721, down by 32.04% to $62.44 million in trading as of 4:35 a.m. ET. ET on Thursday, a decrease of 0.32% in the last 24 hours and a loss of 0.5% in the past seven days.

SHIB's total circulating supply is 589.35 trillion SHIB, with its value increasing by 0.35% and a market cap of $4.25 billion, according to data from CoinMarketCap.