US-based cryptocurrency trading platform Robinhood has significantly increased its Shiba Inu [SHIB] holdings, amassing an additional 231 billion SHIB tokens in less than 24 hours. This surge brings the financial trading giant’s total SHIB stash to 36.7 trillion, marking a remarkable increase of over 16 trillion since August 2023, according to Arkham Intelligence data.
The updated holdings, now valued at approximately $350 million, were highlighted by a tweet from a SHIB enthusiast. The tweet also shed light on the ownership structure of Robinhood, with 73% of its shares owned by institutional investors such as Vanguard, Blackrock, Ark Investment, and others. Notably, out of the 20,000 cryptocurrencies available, Robinhood has chosen to list only 15, with Shiba Inu being one of them.
For global information: 73% of shares of Robinhood are owned by institutions including Vanguard, BlackRock, Ark Investment ETC –/ Imagine out of 20K CRYPTO they listed 15 only and one of them is SHIB.
Shiba Inu has now become the third-largest crypto asset by dollar value on the Robinhood platform, trailing behind only Bitcoin and Ethereum. The platform, headquartered in Menlo Park, California, supports a multi-chain, self-custody Web3 wallet that allows users to hold and trade cryptocurrencies, as well as connect to various decentralized applications [dapps].
Robinhood gained attention in April 2022 when it finally listed Shiba Inu for trading after much anticipation. The move was met with enthusiasm from Shiba Inu supporters, who had actively campaigned for the coin’s inclusion on the platform, amassing over 550,000 signatures in favor of the listing.
Shiba Inu: Wallet Integration Boost Adoption
In a gradual expansion of its Shiba Inu holdings, Robinhood has integrated SHIB into its wallet, further contributing to the adoption of the dog-themed crypto on the platform.
Notably, the lead developer of Shiba Inu recently emphasized the importance of domains as the identity layer of the Internet. The announcement revealed a collaboration with @D3inc and plans to apply for the Shib Top-Level Domain [TLD]. This strategic move aims to leverage the infrastructure used by a global audience of 5.3 billion people, providing universal accessibility across devices without the need for special software or plugins.