Recent Developments in Shiba Inu Price: A Closer Examination for Concerned Investors

The Shiba Inu price, like the rest of the crypto market, has experienced significant challenges in recent months. This has resulted in the meme coin’s price dropping to levels not seen since June, leading to doubts about its performance. However, recent developments suggest that investors are still showing confidence in the cryptocurrency despite the uncertainty.

Massive SHIB Inflows Into Robinhood Wallets

Robinhood, known for allowing the trading of meme stocks like GameStop and Dogecoin, has also become a prominent platform for Shiba Inu. The meme coin was listed on Robinhood in April 2022 and has continued to attract investor interest, even during the bear market. There have been significant inflows of the SHIB token into Robinhood’s hot wallets.

According to data, over 878 billion Shiba Inu tokens were moved into one of Robinhood’s hot wallets in the last month. In September alone, more than 579 billion tokens were sent to the platform’s wallet, with over 200 billion tokens sent this week. One wallet alone has accumulated over 8.042 trillion SHIB, worth approximately $58.3 million. When combined with the platform’s other SHIB wallets, the total stash amounts to around 35 trillion tokens, making it the third-largest Shiba Inu holder behind Binance.

Shiba Inu Price Not A Lost Cause

Despite the significant drop in the Shiba Inu price, investors in the community remain undeterred. The growth of Shibarium, an Ethereum Layer 2 blockchain, is a testament to this. Within a few weeks of being public, Shibarium has achieved numerous milestones. The total number of transactions on the network has surpassed 2.5 million, with wallets exceeding 1.24 million.

As Shiba Inu is the official governance token of Shibarium, the increasing activity on the network is expected to drive demand for the token. This rise in demand could lead to an increase in value, especially with the anticipated bull market on the horizon.

However, for now, SHIB continues to face challenges from the crypto bear market, causing its market cap to decrease by $2 billion in the last month. As a result, the altcoin has dropped to the 17th-largest cryptocurrency by market cap, trailing behind Litecoin (LTC) and Polygon (MATIC).

In conclusion, despite the recent struggles, investors are still showing confidence in Shiba Inu. The significant inflows of SHIB tokens into Robinhood’s wallets and the growth of Shibarium indicate that there is still belief in the potential of the meme coin. However, it remains to be seen how the cryptocurrency will fare in the face of ongoing market challenges.

Sources:
– Shiba Inu Dev Shibarium: https://bitcoinist.com/shiba-inu-price-developments/
– Litecoin Saved Dogecoin: https://bitcoinist.com/shiba-inu-price-developments/
– Who’s Behind Shiba Inu New Theory About Ryoshi: https://bitcoinist.com/shiba-inu-price-developments/
– Exchange’s Hot Wallets: https://bitcoinist.com/shiba-inu-price-developments/
– Shiba Inu Price Developments: https://bitcoinist.com/shiba-inu-price-developments/
– Binance: https://bitcoinist.com/shiba-inu-price-developments/
– Shibarium Metrics Milestones: https://bitcoinist.com/shiba-inu-price-developments/
– Total Number of Transactions: https://bitcoinist.com/shiba-inu-price-developments/
– Litecoin (LTC): https://bitcoinist.com/shiba-inu-price-developments/
– Polygon (MATIC): https://bitcoinist.com/shiba-inu-price-developments/
– Tradingview.com: https://bitcoinist.com/shiba-inu-price-developments/

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top