The Shiba Inu value, like the remainder of the crypto market, has had a tough go at it over the previous couple of months. This has seen the meme coin’s price fall to ranges that haven’t been recorded since June. Naturally, this has led to skepticism in regards to the cryptocurrency and its potential to carry out. Nonetheless, these latest developments over the previous couple of weeks recommend that traders are nonetheless doubling down amid the uncertainty.
Huge SHIB Inflows Into Robinhood Wallets
Though Robinhood made its fame by permitting the buying and selling of meme shares akin to GameStop after which opening early buying and selling for main meme coin, Dogecoin, Shiba Inu has additionally grow to be a outstanding participant on the platform.
The meme coin was listed on Robinhood again in April 2022 and has been on an upward trajectory by way of investor curiosity since then. Even by means of the raging bear market, the curiosity has not died down with large inflows of the SHIB token transferring into the buying and selling platform’s sizzling wallets.
Within the final month, over 878 billion Shiba Inu tokens had been moved into one of many exchange’s hot wallets. The inflows would proceed into the month of September with greater than 579 billion tokens despatched to Robinhood’s pockets. This week alone has seen over 200 billion SHIB tokens despatched to the pockets.
Thus far, this single pockets has collected over 8.042 trillion SHIB price round $58.three million at present costs. When put along with the platform’s different SHIB wallets, one among which holds 20 trillion tokens, its complete stash turns into roughly 35 trillion tokens, making it the third largest Shiba Inu holder behind the likes of Binance.
Shiba Inu Worth Not A Misplaced Trigger
The Shiba Inu value efficiency, whereas plunging the massive majority of its holders into losses, has not been a lot of a deterrent for traders locally. The expansion of Shibarium, an Ethereum Layer 2 blockchain, has confirmed this.
After being public for just a few weeks, the blockchain has continued to hit milestone after milestone. On the time of writing, the total number of transactions on the community has crossed 2.5 million with wallets already reaching above 1.24 million.
Shibarium continues to develop | Supply: ShibariumScan
With Shiba Inu being the official governance token of the blockchain, it stands to motive that as exercise grows on the community, so will demand for the token as traders transfer to take part. Such an increase in demand will undoubtedly result in an increase in worth, particularly with the anticipated bull market on the horizon.
For now, although, SHIB continues to battle crypto bear market forces that proceed to push its value down. Its market cap is down by $2 billion within the final month, inflicting the altcoin to drop to the 17th-largest cryptocurrency by market cap behind the likes of Litecoin (LTC) and Polygon (MATIC).
SHIB value falls 91% beneath all-time excessive | Supply: SHIBUSD on Tradingview.com
Featured picture from Finbold, chart from Tradingview.com