Interest in Shiba Inu (SHIB), a leading meme coin alongside Dogecoin, continues to rise in the cryptocurrency exchange market. SHIB remains in the top 20 cryptocurrencies and has previously experienced significant price surges that pleased investors. Recent developments indicate that investors, anticipating a bull market, are accumulating SHIB.
Data from Arkham Intelligence highlighted by crypto enthusiast Lola reveals that Robinhood, one of America’s prominent exchanges, has strengthened its position as the third-largest SHIB holder. Lola’s analysis, based on recent transactions, points out that Robinhood now holds 36.825 trillion SHIB tokens.
This increase in SHIB holdings followed Robinhood’s purchase of an additional 140 billion Shiba Inu tokens. Concurrently, the exchange was reported to have sold Bitcoin during the same period.
Before the latest purchase, Robinhood’s SHIB holdings were 36.685 trillion, while its Bitcoin portfolio consisted of 131,438 BTC. Recent data shows a reduction in BTC assets by 468 BTC, worth approximately $19,449,144, while SHIB holdings increased to 36.825 trillion.
Lola’s updates reveal that Robinhood accumulated over 231 billion SHIB tokens in just 24 hours, marking a 371 billion increase in four days. The current value of Robinhood’s SHIB holdings is approximately $347.63 million, making it the third-largest token in their portfolio, following Bitcoin and Ethereum, and worth over twice as much as the next competitor, Avalanche (AVAX). Robinhood is now considered the third-largest SHIB holder, excluding the burn address, with only Crypto.com and Binance holding more.