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Shiba Inu, positioned as the second-largest meme coin trailing Dogecoin, faces massive crossroads with significant selloffs as it deals with an increasingly competitive arena. Despite recent support from the Robinhood trading platform, which bolstered its Shiba Inu holdings by an additional 140 billion SHIB, the token is experiencing a 6.33% decrease in price, settling at $0.000008549 within the last 24 hours.
With SHIB down 6.33%, would Rohinhood’s addition help?
Robinhood, a prominent financial markets brokerage firm, has emerged as a key holder of Shiba Inu. The recent accumulation of 140 billion SHIB aligns with the platform’s strategy of diversifying its crypto portfolio. Data from Arkham Intelligence, shared by community member @CryptoLolla, reveals that Shiba Inu is now the third-largest asset in Robinhood’s crypto holdings.
Notably, Robinhood’s total digital currency holdings have surged to $9,957,317,415.32. Bitcoin takes the lion’s share with 130,928 BTC units valued at approximately $5.37 billion. Ethereum follows closely with 1.631 million ETH, worth around $3.95 billion. Shiba Inu contributes significantly to Robinhood’s crypto portfolio, with a total of 36.91 trillion SHIB, amounting to $339.57 million.
Robinhood Opens Up’s Crypto Portfolio
Robinhood’s portfolio adds Avalanche (AVAX) and Chainlink (LINK) to the top 5 assets. CryptoLolla decoded that Robinhood now holds 3.956 million AVAX, valued at $126.44 million, and 7.227 million LINK with a market worth of $112.02 million. Talking about the general trend in Robinhood’s holdings reflects a drop in dollar value due to the prevailing market downtrend. Bitcoin alone has witnessed a $84.45 million decrease, while Shiba Inu holdings have diminished by $12.92 million.
Removing 410T SHIB Tokens from Circulation, What Next?
To give the coin a major boost, the token’s community and development team collaborated to execute a remarkable 459.57% surge in its burn rate within the past 24 hours. Over 146 million SHIB tokens were intentionally withdrawn from circulation and routed to dead wallets.
This burn initiative, facilitated by five wallet addresses, saw one wallet contributing 100 million SHIB tokens to dead wallets in a single transaction. Another wallet participated by burning over 30 million tokens. Overall, these efforts have led to the removal of 410 trillion SHIB tokens from circulation, indicating a substantial commitment to reducing the available supply and potentially positively influencing the token’s price.
Despite the challenges posed by selloffs and market trends, Shiba Inu continues to navigate its position in the crypto landscape, with the backing of influential platforms such as Robinhood and concerted efforts to control its circulating supply.