Shiba

Shiba Inu

The stockbroker giant Robinhood has captured everyone’s attention due to its recent interest in the world’s second-largest dog-themed meme coin, Shiba Inu (SHIB). According to data from Arkham, a blockchain intelligence firm, Robinhood has significantly increased its holdings of Shiba Inu. Robinhood’s interest in SHIB, significantly accumulated 
According to the firm and a recent post by Shiba Inu enthusiast Lola on X (previously Twitter), Robinhood added a significant231 billion tokens in the last 24 hours. Despite the current market conditions, where the overall cryptocurrency market is struggling to gain momentum, Robinhood took advantage of the current price and added 231 billion Shiba Inu tokens to its holdings. 
With this recent accumulation, Robinhood’s holdings of Shiba Inu increased to 36.684 trillion tokens, with a total value of around $350.34 million. This indicates the stockbroker giant’s interest in meme tokens.
Whale activity in the SHIB market is showing signs of accumulation, with on-chain data indicating a significant increase in major players’ net flow (1,542% spike) and Large Holder Inflows (181% rise). Large Transaction Volume, a whale activity index, has surged by 551% in the last 24 hours, indicating significant movement of SHIB in large transactions. SHIB price and its technical analysis&nbsp; 
Additionally, Shiba Inu is currently trading near $0.0000095, and in the last 24 hours, it experienced over 1.20% downside momentum. If we look at SHIB over a longer period, in the last 30 days, SHIB has experienced over 8.7% downside momentum.
According to expert technical analysis, in December 2023, Shiba Inu on a weekly time frame gave a breakout of a trendline, but after this breakout, it didn’t perform as expected. Currently, it is consolidating in a tight range between $0.0000089 and $0.000011.
If Shiba Inu gives a breakout of this consolidation and closes above $0.000011, we may see a bullish momentum up to $0.000015. However, this is the same level SHIB experienced in October 2021, but after that, SHIB surged more than 800%. Moreover, investors and whales are expecting a similar move in SHIB.
Apart from SHIB, if we look at <a href="https://news.todayq.com/crypto-is-16-of-robinhoods-revenue-as-per-its-q2-earnings-call/" rel="noopener noreferrer nofollow">Robinhood (HOOD) shares</a> after this SHIB purchase, it is currently trading near $10.66, and this is the fourth consecutive day HOOD is falling. Additionally, HOOD is at its 200 EMA (Exponential Moving Average) and trading below its 50 EMA. However, if HOOD fails to sustain this 200 EMA, it will fall to $8.81.
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Shiba inu balance jumps by 231 billion on Robinhood: Data

Todayq News

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