Robinhood, the popular retail crypto exchange, has been on a Shiba Inu buying spree, increasing its holdings of the meme-inspired coin by more than 40% in the past two weeks. The exchange now owns 35 trillion SHIB tokens, worth about $25.5 million, making it the third largest custodian of the canine coin.
Robinhood and SHIB… 👀 https://t.co/uzSp8cpeWf
— Shiba Inu News (@ShibalnuNews) September 13, 2023
Shiba Inu’s Popularity is on the Rise
Shiba Inu, also known as SHIB or the Dogecoin killer, is a decentralized token that aims to create a vibrant ecosystem of projects, including Shibarium, a layer 2 solution that launched its mainnet last month. SHIB has a loyal fan base of over 1 million holders, who call themselves the SHIB Army.
Robinhood seems to be impressed by the potential of SHIB and its community, as it has been accumulating the token at a discount. According to blockchain data, Robinhood’s largest hot wallet added 579.71 billion SHIB tokens since the beginning of September, when SHIB was trading at around $0.000007.
The exchange now holds slightly more than 8 trillion SHIB tokens in this wallet, equivalent to $5.8 million. This is not the only wallet that Robinhood uses to store SHIB. The exchange has another public wallet that holds 27 trillion SHIB tokens, worth about $19.7 million. Together, these two wallets account for 35 trillion SHIB tokens or 2% of the total circulating supply.
Robinhood is not the only exchange that sees value in SHIB. Binance, the world’s leading crypto exchange, owns 42.13 trillion SHIB tokens in its main wallet, and another 33 trillion SHIB tokens in a secondary wallet. Combined, Binance holds 7.6% of the total circulating supply of SHIB.
The accumulation of SHIB by these major exchanges could indicate that they are preparing to list the token on their platforms, or that they are simply bullish on its long-term prospects. Either way, the SHIB Army is likely to welcome their support and hope for a price boost shortly.
