Financial markets brokerage firm Robinhood has bolstered its Shiba Inu (SHIB) holdings with the accumulation of a new 140 billion SHIB.
Robinhood remains one of the biggest holders of Shiba Inu and the latest accumulation is in line with its crypto portfolio diversification. According to data from Arkham Intelligence as shared by known community member @CryptoLolla, Shiba Inu is now the third largest asset in Robinhood’s crypto portfolio.
As a commission-free trading platform, Robinhood serves as one of the top gateways to access a specific range of digital currencies in the United States. The expansion of its Shiba Inu holdings will help it maintain adequate liquidity to fulfill redemptions as required.
Overview of the Robinhood Portfolio
Per the data shared by Crypto Lolla, Robinhood’s total digital currency holdings now sit at $9,957,317,415.32. Bitcoin (BTC) occupies the largest cut of the pie, with a total of 130,928 BTC units worth approximately $5.37 billion, judging by the average market price of $41,002.
Robinhood has a total of 1.631 million Ethereum (ETH) worth roughly $3.95 billion. The Arkham Intelligence data shows the trading platform has a total of 36.91 trillion SHIB with a monetary value of $339.57 million.
In a surprising twist, Avalanche (AVAX) and Chainlink (LINK) now make up the top 5 of assets hosted on Robinhood. The exchange has a total of 3.956 million AVAX in custody worth $126.44 million and 7.227 million LINK with a market value of $112.02 million.
#SHIB – Robinhood added more Shiba INU and now sitting at 36.91Trillion $SHIB which is equivalent to $339M USD
With this data below , they have more Shib than $AVAX and $LINK also so if people are laughing on your SHIB holding , just send them this screenshot ?
Source :… pic.twitter.com/8FuC3PUjfT
— Lola (@CryptoLollla) January 22, 2024
One common trend observed in the exchange’s holding is the drop in dollar value as a result of the current downtrend in the market. While Bitcoin has shed off $84.45 million, the firm’s Shiba Inu’s holdings are down by 12.92 million.
Important Milestone for SHIB
After witnessing massive whale accumulations over the past weeks, Shiba Inu is now battling major selloffs. While it remains the second-largest meme coin after Dogecoin (DOGE), it is gradually buckling under the weight of growing competition.
A new vote of confidence has been introduced into the Shiba Inu ecosystem with the Robinhood portfolio boost, as it shows the exchange sees a promising future for the token. Despite this impressive twist, the price of SHIB remains in the red, dropping by 6.33% to $0.000008549 in the past 24 hours.
The token’s market cap is $5,059,352,974, with trading volume jumping 19.34% to $157,987,629.