Robinhood, the famous trading platform, has reportedly significantly increased its Shiba Inu (SHIB) reserves. This crypto inspired by the Dogecoin meme is attracting more and more desire.
A massive accumulation of Shiba Inu in a few days
According to blockchain data analyzed by Arkham Intelligence, Robinhood has made massive purchases of Shiba Inu (SHIB) in the last 24 hours. No less than 230 billion SHIB tokens, for a total value of $350 million, would have joined the broker’s crypto portfolio.
This movement comes as the SHIB is going through a bad patch. The dog crypto has lost more than 50% since its all-time high in October 2021, at $0.00008845. However, certain technical signals suggest a growing appetite on the part of the “whales”.
Indeed, the net flow of large SHIB carriers has literally exploded by 1542% on the IntoTheBlock platform in recent hours. This peak is generally interpreted as a sign of discreet accumulation by whales before a future bull rally.
Towards new heights for the “killer Dogecoin”?
This is not the first time that Robinhood has bet big on crypto memes, these initially humorous tokens. Already in 2021, the platform had massively stocked Dogecoins before allowing its users to trade the canine star of cryptos.
This sudden appetite for the Shiba Inu from a major player like Robinhood is testament to its growing adoption. Long criticized and mocked for its lack of concrete utility, the canine motto now arouses a certain enthusiasm among the general public.
Proof of this is that its capitalization is close to $5 billion, raising SHIB to the rank of 16th crypto in the world according to CoinMarketCap. With daily volume exceeding $100 million, this self-proclaimed “Dogecoin killer” continues to gain legitimacy.
Above all, the project’s ultra-engaged community continues to highlight new features, such as the Shiba Inu metaverse. Enough to potentially make the ecosystem take off.
Certainly, at $0.000009544 per coin at the time of writing, the SHIB price remains volatile and at half mast in the short term. However, this recent accumulation on the part of Robinhood suggests in the eyes of some a possible outbreak in 2024.
After setting a historic record of $0.00008845 in October 2021, the Shiba Inu would therefore have the opportunity to continue its success story.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
