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Shibarium News Boosts Robinhood's Shiba Inu Bag by 1.3 Trillion SHIB

Fri, 09/01/2023 - 14:15
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Gamza Khanzadaev
Over trillion SHIB flow into Robinhood's Shiba Inu portfolio in August amid Shibarium saga
Shibarium News Boosts Robinhood's Shiba Inu Bag by 1.3 Trillion SHIB
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Robinhood, a prominent U.S. financial market broker, has seen a notable increase in its Shiba Inu (SHIB) reserves, growing by 1.25 trillion tokens by the end of August. Data provided by Arkham Intelligence indicates that between Aug. 1 and Sept. 1, Robinhood's SHIB holdings rose from 32.85 trillion Shiba Inu tokens to 34.1 trillion tokens.

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Currently, SHIB ranks as the third largest asset in Robinhood's crypto wallet, with an approximate value of $272.38 million, accounting for 4.26% of the broker's overall crypto asset portfolio. The top two positions continue to be held by Bitcoin (BTC) and Ethereum (ETH), constituting a combined 94.2% of the portfolio.

Source: Arkham

Growth in Robinhood's SHIB holdings in August is attributed to the release of Shibarium, a Layer 2 solution by Shiba Inu. Initially, there was uncertainty surrounding the project's launch date, but it successfully went live in the middle of August, although it encountered brief scalability challenges. A collaborative effort between Shiba Inu and Polygon resolved these issues, leading to Shibarium's successful relaunch earlier this week.

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Interestingly, since the Shibarium relaunch, Robinhood's SHIB holdings have decreased by 66.47 billion tokens, adding a unique dimension to SHIB's recent developments.

The growth in SHIB holdings on Robinhood, driven by the Shibarium launch, highlights the cryptocurrency's continued relevance and adaptability in the evolving digital economy.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.