Shiba Inu, the second-largest meme coin after Dogecoin, finds itself at a critical juncture. Despite recent support from the Robinhood trading platform, which significantly increased its Shiba Inu holdings by an additional 140 billion SHIB, the token is currently grappling with a 6.33% decrease in price, settling at $0.000008549 within the last 24 hours.
Read more about this latest update below.
Robinhood and SHIB: What’s the Connect?
Robinhood, a key player in the financial markets brokerage sector, has deepened its involvement with Shiba Inu. The recent accumulation of 140 billion SHIB aligns with Robinhood’s strategy of expanding its crypto portfolio. Data from Arkham Intelligence, shared by community member @CryptoLolla, reveals Shiba Inu’s rise to become the third-largest asset in Robinhood’s crypto holdings.
While Bitcoin maintains its dominance with 130,928 BTC units valued at approximately $5.37 billion, Ethereum closely follows with 1.631 million ETH, worth around $3.95 billion. Shiba Inu stands strong, contributing significantly with a total of 36.91 trillion SHIB, amounting to $339.57 million.
Read More: Shiba Inu’s Whale Interest Drops Despite Bullish Developments! Will SHIB Price Be Impacted?
An Expanding Crypto Portfolio
The narrative extends beyond Shiba Inu as Robinhood introduces new players to its crypto portfolio – Avalanche (AVAX) and Chainlink (LINK). Breaking down the numbers, we observe 3.956 million AVAX valued at $126.44 million and 7.227 million LINK with a market worth of $112.02 million. However, there is a discernible downtrend in the overall value, with Bitcoin experiencing an $84.45 million decrease, and Shiba Inu holdings shrinking by $12.92 million.
Did You Know? Cathie Wood’s Ark Invest Makes Portfolio Changes: Coinbase and GBTC Out, Robinhood In!
Shiba Inu’s Strategic Response: A Surge in Burn Rate
Amidst the challenges, Shiba Inu’s community and development team orchestrate a remarkable 459.57% surge in its burn rate within the past 24 hours. Over 146 million SHIB tokens intentionally exit circulation, finding their place in dead wallets.
This coordinated burn initiative, executed by five wallet addresses, includes one wallet contributing 100 million SHIB tokens in a single transaction to dead wallets. Another wallet actively participates by burning over 30 million tokens. In total, these efforts result in the removal of 410 trillion SHIB tokens from circulation, showcasing a substantial commitment to reducing the available supply and potentially influencing the token’s price positively.
Despite facing selloffs and market trends, Shiba Inu continues its journey, supported by influential platforms like Robinhood and concerted efforts to control its circulating supply. From where we are at right now, the coin’s future remains uncertain, but the narrative remain intriguing.
