Shiba Inu (SHIB) is gaining attention as Robinhood, a U.S.-based exchange, significantly increases its holdings of the token. According to data from CryptoLolla, a prominent member of the SHIB community, Robinhood’s SHIB stake has risen from 34 trillion to 47 trillion tokens, a 38% increase. This makes SHIB the third-largest crypto asset in Robinhood’s portfolio, following Bitcoin and Ethereum.
CryptoLolla highlights Shiba Inu’s growing prominence in Robinhood’s holdings, noting that it now trails only Bitcoin and Ethereum. Additionally, there has been an increase in the number of SHIB wallet holders, rising from 1.3 million to 1.4 million without the need for an airdrop.
CryptoLolla encourages the community to focus on the facts and not be swayed by fear, uncertainty, or doubt (FUD) surrounding SHIB. The growing stake held by Robinhood suggests that institutional investors may be positioning themselves for future growth in the token.
However, despite Robinhood’s significant purchase of SHIB, the Shiba Inu ecosystem is facing challenges, particularly with its Layer 2 solution, Shibarium. Data from Shibariumscan shows that user growth has slowed since mid-September, which is causing concern among investors. This slowdown in growth aligns with a decline in transaction volumes, indicating a cautious approach by traders. Nevertheless, the user base for SHIB continues to grow, with over 1.4 million wallets now holding the token, an increase of 100,000 compared to the previous year.
As of September 23, 2024, the price of SHIB trades at around $0.00001452, just above a critical support level at $0.00001276. The price chart for SHIB shows a bullish falling wedge pattern, suggesting a potential price surge if key support levels are maintained. The Relative Strength Index (RSI) remains in bullish territory, and the Chaikin Money Flow (CMF) indicates strong capital inflows.
Market analyst Charting Guy predicts a breakout for SHIB in the near future. He points to a symmetrical triangle formation over the past few months, indicating that SHIB is “ready” for a move. The lower trendline of the triangle 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.
In conclusion, Robinhood’s increasing stake in Shiba Inu demonstrates confidence from institutional investors, but the immediate trajectory of the coin will depend on overcoming the current hurdles in its ecosystem.