Popular meme coin and Dogecoin rival meme coin Shiba Inuis moving towards an increasingly competitive environment. Meme coin is facing significant sell-off. In a significant development for the Meme coin, Robinhood increased its Shiba Inu holdings by adding another 140 billion SHIB. Despite the trading platform’s recent support, the token has experienced a 6.33% decline in price. In this context, it decreased to 0.000008549 dollars in the last 24 hours.
Arkham Intelligence shared by community member @CryptoLolla datasShiba Inu is currently owned by Robinhood crypto- reveals that it is the third largest asset in their assets.
Robinhood’s total digital currency assets increased to $9,957,317,415.32. Bitcoin, takes the largest share with 130,928 BTC units worth approximately $5.37 billion. Ethereum follows closely behind with 1.631 million ETH, worth approximately $3.95 billion. The Shiba Inu contributes significantly to Robinhood’s crypto portfolio, with a total SHIB of $36.91 trillion worth $339.57 million.
Robinhood’s Crypto Portfolio
Robinhood’s portfolio added Avalanche (AVAX) and Chainlink (LINK) to its top 5 assets. CryptoLolla revealed that Robinhood currently owns 3.956 million AVAX worth $126.44 million and 7.227 million LINK with a market cap of $112.02 million. Talking about the overall trend of Robinhood’s holdings, it reflects a decline in dollar value due to the prevailing market downtrend. While Bitcoin alone witnessed a decline of $84.45 million, Shiba Inu assets decreased by $12.92 million.
Koinfinans.com As we reported, the Meme coin community collaborated with the development team to support the coin, resulting in a significant 459.57% increase in burn rate in the last 24 hours. More than 146 million SHIB tokens have been removed from circulation.
This burn initiative, facilitated by five wallet addresses, saw one wallet contribute 100 million SHIB tokens to dead wallets in a single transaction. Another wallet burned more than 30 million tokens. Overall, these efforts led to the removal of 410 trillion SHIB tokens from circulation, indicating a significant determination to reduce the current supply and potentially positively impact the token price.
Despite the challenges posed by sell-offs and market trends, Shiba Inu continues to maintain its position in the crypto world with the support of influential platforms like Robinhood and concerted efforts to control its circulating supply.