After the introduction of its layer-2 protocol, Shibarium, the Shiba Inu (SHIB) network saw limited growth. Nevertheless, many individuals and entities continued to adopt the token. Robinhood, a prominent trading company known for being the third-largest holder of Bitcoin, has recently gained attention due to a substantial increase in its SHIB holdings. Robinhood now holds an impressive 34.134 trillion SHIB tokens, with a total value of $272.07 million disclosed by Arkham Intelligence.
The latest data reflects a remarkable surge in Robinhood’s SHIB holdings in just a few days. Recent figures show an impressive 70.4% increase over a 20-day period. On August 10th, Robinhood held around 20 trillion SHIB tokens valued at approximately $197.40 million. In a short span of 20 days, they added a substantial 14.086 trillion tokens to their SHIB holdings.
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The recent increase in SHIB holdings coincided with the public relaunch of Shibarium, leading to speculation that this event contributed to the significant rise in Robinhood’s SHIB holdings.
Additionally, it is noteworthy to emphasize that these funds reflect Robinhood’s custody of user account balances. The Securities and Exchange Commission [SEC] requires that cryptocurrency balances on the platform be fully backed on a 1:1 basis.
Shiba Inu and Robinhood
It is important to note that the Shiba Inu token was added to the Robinhood platform in April 2022. This listing generated considerable interest, as the community actively campaigned for its inclusion through petitions. However, despite its recent addition, the value of SHIB continued to decline. Currently, the meme coin is trading at $0.00000796, reflecting a 2.68% decrease over the past 24 hours.
