This Exchange Scooped Over 13 Trillion SHIB As Holders Worried About Price — Is $0.001 Shiba Inu Close?

2024-9-24 20:45

It seems like there’s some exciting movement in the crypto space, especially regarding Shiba Inu (SHIB). Notably, despite the coin’s sideways trading in recent months, leaving investors uncertain, the American crypto exchange Robinhood has been steadily accumulating the top meme coin. This move draws 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 surge in Robinhood’s SHIB holdings underscores the continued flow of investments into the Shiba Inu ecosystem.

That said, Robinhood’s 38% increase in its SHIB stake, from 34 trillion to 47 trillion tokens, signals growing interest from major investors. As a key player in the cryptocurrency market, Robinhood is known for its strategic bets on digital assets. Shiba Inu has become its third-largest crypto holding, trailing only Bitcoin and Ethereum, the top two cryptocurrencies by market cap. This growing stake strongly indicates that prominent market participants recognize the meme coin’s long-term potential.

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 instead of succumbing to fear, uncertainty, and doubt (FUD).

“So whoever is saying we are losing value is not looking at DATA.”

As the amount of SHIB in circulation continues to increase, the community’s hopes of reaching the coveted price of $0.001 are growing. Robinhood’s significant accumulation indicates that institutional investors might position themselves for long-term growth. This level of interest could help drive SHIB closer to its target price despite the volatility in the broader cryptocurrency market.

Moreover, as more investors flock to the ecosystem, the number of wallets holding SHIB has surged. According to Etherscan, over 1.4 million wallets now hold SHIB, a 100,000-user increase from the previous year.

At press time, SHIB was trading at $0.00001449, reflecting an 11.39% price surge over the past 7 days.

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