NAIROBI (CoinChapter.com)—Shiba Inu (SHIB) is seeing increased attention after U.S.-based exchange Robinhood significantly grew its token holdings. According to data shared by CryptoLolla, a well-known member of the SHIB community, Robinhood’s SHIB stake jumped from 34 trillion to 47 trillion tokens. This 38% increase positions SHIB as Robinhood’s third-largest crypto asset, following only Bitcoin and Ethereum.
Robinhood’s SHIB Holdings Surge to 47 Trillion. Source: Arkham Lola Teases SHIB Dominance
CryptoLolla pointed out Shiba Inu’s growing prominence in Robinhood’s portfolio, trailing only Bitcoin and Ethereum. She also noted an increase in SHIB wallet holders, rising from 1.3 million to 1.4 million without an airdrop.
Lola reports SHIB gains 100k new holders. Source: Lola
CryptoLolla encouraged the community to focus on the facts, downplaying any fear, uncertainty, or doubt (FUD) surrounding SHIB. Robinhood’s growing stake hints that institutional investors could be positioning for future growth in the token.
Shibarium Growth Slows, Raising Concerns
Despite Robinhood’s large SHIB purchase, the Shiba Inu ecosystem is facing hurdles, particularly with its Layer 2 solution, Shibarium. Data from Shibariumscan shows that user growth has slowed since mid-Sept., causing concern among investors.
Noticeable decline in new accounts post-peak. Source: Shibariumscan
Shibarium’s recent stagnation mirrors the coin’s waning price momentum. Data from Etherscan also reveals a decline in transaction volumes, reflecting a cautious approach by traders. However, SHIB continues to see growth in its user base, with over 1.4 million wallets now holding the token—a rise of 100,000 compared to last year.
Potential for a Breakout Amid Market Volatility
As of Sept. 23, 2024, the price of SHIB USD trades at around $0.00001452, closely hovering above a critical support level marked at $0.00001276.
SHIB/USD 1-day price chart. Source: TradingView
SHIB has formed a bullish falling wedge pattern, which could indicate an upcoming price surge if it maintains key support levels. The Relative Strength Index (RSI) remains in bullish territory, and the Chaikin Money Flow (CMF) suggests capital inflows are still strong.
SHIB 1W Chart. Charting Guy
Market analyst Charting Guy sees a breakout on the horizon. He points to a symmetrical triangle forming over the past few months, suggesting SHIB is “ready” for a move. The triangle’s lower trendline began in May, while the upper trendline formed after SHIB’s drop from its yearly high of $0.000045 in March. With consolidation nearing its end, a breakout could push SHIB to levels last seen in late 2021.
Above all, Robinhood’s growing stake in Shiba Inu signals confidence from institutional investors, yet the coin’s immediate trajectory will depend on overcoming its current ecosystem hurdles.
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