Robinhood, the U.S.-based trading behemoth, is making waves again by significantly boosting its Shiba Inu (SHIB) holdings by a staggering 800 billion tokens. This move comes even as SHIB trades in the red zone, painting a complex picture of risk and opportunity. On Aug 31, Arkham Intelligence pinpointed Robinhood as a major Ethereum holder and the custodian of 34.086 trillion SHIB tokens worth about $279.85 million.
Robinhood holdings on Arkham pic.twitter.com/9TsnFWw0aT
— techcentrik™ (@nicaIBTimes) September 13, 2023
Between Aug 31 and Sept 13, the company’s hot wallets saw a remarkable uptick of 877 billion SHIB tokens. Specifically, one of Robinhood’s wallets alone added an eye-popping 579.7 billion SHIB to its coffers, pushing its total SHIB assets to 8.02 trillion tokens.
Robinhood’s new holding, after this addition, now sits at approximately 34.936 trillion SHIB, marking a 2.58% increase from its previous position. For Robinhood, the downturn in SHIB’s market price seems to be an opportunity rather than a setback. The platform’s bold move to increase its SHIB holdings could signal its confidence in the token’s long-term potential. At the same time, it sets the stage for fascinating market dynamics in the days to come.
Shiba Inu (SHIB) currently trades at $0.000007266 with a 24-hour trading volume of $79,742,545, marking a 0.42% increase in the last 24 hours. The memecoin holds the 16th rank on CoinMarketCap with a live market capitalization of $4,281,623,947. The trading volume of Shiba Inu has recorded a price decrease of 5.80%, indicating that a bearish trend might soon occur in the market.
In the 24-hour price chart, the Know Sure Thing (KST) indicator is moving below its signal line, suggesting a bearish trend in the market. This indicates that selling pressure may increase and might be a good time to consider short or exit long positions.
The Parabolic SAR (SAR) indicator suggests that the bullish momentum in the Shiba Inu market might continue in the hours ahead. The alignment of the dots above the candle stick pattern indicates this. The current readings of the Parabolic SAR indicator are 0.0000777.
The Money Flow Index (MFI) for SHIB shows a rating of 34.52, indicating a bearish trend. However, with the MFI moving northward and surpassing its signal line, it hints at a potential bullish momentum in the upcoming hours for the SHIB market. This movement suggests that the bulls are actively pushing against the bears in the market.
Robinhood’s decision to ramp up its Shiba Inu (SHIB) holdings paints a picture of risk-taking and long-term confidence in the token. As per the technical analysis of Shiba Inu, SHIB is currently trading in a bullish sentiment.
