Robinhood Boosts Shiba Inu Stash to 35T in SHIB Buying Spree

Robinhood reinforces its big player status in the cryptosphere as the broker stockpiles Shiba Inu at a discount.

Child dressed as Robin Hood posing infront of a bucket of gold and a Shiba Inu.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu is the third largest asset in Robinhood’s holdings.
  • #17 ranked $SHIB dropped by 29% since Shibarium’s relaunch.
  • Robinhood comes closer to the leading Shiba Inu custodian.

The popular retail crypto exchange Robinhood amassed a colossal 878.5 $SHIB tokens since the beginning of Autumn. Blockchain data indicates that the largest Robinhood’s hot wallet added 579.71 billion $SHIB tokens to its crypto holdings. This hot crypto wallet owned by Robinhood now owns slightly more than 8 trillion Shiba Inu (SHIB) tokens, equivalent to $5.8M.

Robinhood Seizes the Opportunity to Stockpile Shiba Inu

Robinhood, headquartered in California, wants to get as much $SHIB as possible during extremely volatile market conditions. The popular canine coin shot up to $0.00001107 on August 12th, 2023, before SHIB Token launched the Shibarium L2 mainnet.

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Robinhood now owns 35 trillion SHIB coins, equaling $25.5 million. Before the late August-early September Shiba Inu buying spree, Robinhood had reported to hold 20 trillion $SHIB tokens, worth just slightly below $200 million at a time.

The move pushes Robinhood closer to the biggest Shiba Inu custodian in the crypto game – the globally leading crypto exchange Binance. The crypto behemoth has 42.13T $SHIB tokens, around seven trillion more than Robinhood. Worth $305 million, Binance’s Shiba Inu stash expands into another public wallet dubbed ‘Binance 8’, which holds another 33T, or $245 million, in $SHIB.

Collectively, Binance owns 7.6% of the total circulating Shiba Inu supply, while Robinhood owns 2% sharp, according to the blockchain explorer EtherScan. Another large custodian is the American crypto platform Crypto.com, reportedly keeping 20% of the exchange’s total reserves in the crypto community’s beloved canine token.

On The Flipside

  • Shibarium total value locked (TVL) dropped from $1.44M to $567,877 since the beginning of September, with most DeFi projects losing double digits in value over the last seven days.

Why This Matters

Huge exchanges accumulating Shiba Inu tokens hint that these crypto platforms see value in SHIB as a long-term investment.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.