The Shiba Inu rate, like the remainder of the crypto market, has had a difficult go at it over the last couple of months. This has actually seen the meme coin’s rate fall to levels that have actually not been tape-recorded because June. Naturally, this has actually caused hesitation about the cryptocurrency and its capability to carry out. However, these current advancements over the last couple of weeks recommend that financiers are still doubling down in the middle of the unpredictability.
Massive SHIB Inflows Into Robinhood Wallets
Although Robinhood made its popularity by enabling the trading of meme stocks such as GameStop and after that opening early trading for leading meme coin, Dogecoin, Shiba Inu has likewise end up being a popular gamer on the platform.
The meme coin was noted on Robinhood back in April 2022 and has actually been on an upward trajectory in regards to financier interest ever since. Even through popular bearishness, the interest has actually not waned with enormous inflows of the SHIB token moving into the trading platform’s hot wallets.
In the last month, over 878 billion Shiba Inu tokens were moved into among the exchange’s hot wallets. The inflows would continue into the month of September with more than 579 billion tokens sent out to Robinhood’s wallet. This week alone has actually seen over 200 billion SHIB tokens sent out to the wallet.
So far, this single wallet has actually collected over 8.042 trillion SHIB worth around $58.3 million at present rates. When assembled with the platform’s other SHIB wallets, among which holds 20 trillion tokens, its overall stash ends up being around 35 trillion tokens, making it the 3rd biggest Shiba Inu holder behind the similarity Binance.
Shiba Inu Price Not A Lost Cause
The Shiba Inu rate efficiency, while plunging the big bulk of its holders into losses, has actually not been much of a deterrent for financiers in the neighborhood. The development of Shibarium, an Ethereum Layer 2 blockchain, has actually shown this.
After being public for just a few weeks, the blockchain has actually continued to strike turning point after turning point. At the time of composing, the overall variety of deals on the network has actually crossed 2.5 million with wallets currently reaching above 1.24 million.
Shibarium continues to grow | Source: ShibariumScan
With Shiba Inu being the main governance token of the blockchain, it stands to factor that as activity grows on the network, so will require for the token as financiers relocate to take part. Such an increase in need will certainly cause an increase in worth, specifically with the anticipated booming market on the horizon.
For now, however, SHIB continues to fight crypto bearishness forces that continue to press its rate down. Its market cap is down by $2 billion in the last month, triggering the altcoin to drop to the 17th-largest cryptocurrency by market cap behind the similarity Litecoin (LTC) and Polygon (MATIC).
SHIB rate falls 91% listed below all-time high | Source: SHIBUSD on Tradingview.com
Featured image from Finbold, chart from Tradingview.com