The Shiba Inu price, like the rest of the crypto market, has had a hard go at it over the last few months. This has seen the meme coin’s price fall to levels that have not been recorded since June. Naturally, this has led to skepticism about the cryptocurrency and its ability to perform. However, these recent developments over the last few weeks suggest that investors are still doubling down amid the uncertainty.
Massive SHIB Inflows Into Robinhood Wallets
Although Robinhood made its fame by allowing the trading of meme stocks such as GameStop and then opening early trading for leading meme coin, Dogecoin, Shiba Inu has also become a prominent player on the platform.
The meme coin was listed on Robinhood back in April 2022 and has been on an upward trajectory in terms of investor interest since then. Even through the raging bear market, the interest has not died down with massive 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 one of the exchange’s hot wallets. The inflows would continue into the month of September with more than 579 billion tokens sent to Robinhood’s wallet. This week alone has seen over 200 billion SHIB tokens sent to the wallet.
So far, this single wallet has accumulated over 8.042 trillion SHIB worth around $58.3 million at current prices. When put together with the platform’s other SHIB wallets, one of which holds 20 trillion tokens, its total stash becomes approximately 35 trillion tokens, making it the third largest Shiba Inu holder behind the likes of Binance.
Shiba Inu Price Not A Lost Cause
The Shiba Inu price performance, while plunging the large majority of its holders into losses, has not been much of a deterrent for investors in the community. The growth of Shibarium, an Ethereum Layer 2 blockchain, has proven this.
After being public for only a few weeks, the blockchain has continued to hit milestone after milestone. At the time of writing, the total number of transactions on the network has crossed 2.5 million with wallets already reaching above 1.24 million.
Shibarium continues to grow | Source: ShibariumScan
With Shiba Inu being the official governance token of the blockchain, it stands to reason that as activity grows on the network, so will demand for the token as investors move to participate. Such a rise in demand will undoubtedly lead to a rise in value, especially with the expected bull market on the horizon.
For now, though, SHIB continues to battle crypto bear market forces that continue to push its price down. Its market cap is down by $2 billion in the last month, causing the altcoin to drop to the 17th-largest cryptocurrency by market cap behind the likes of Litecoin (LTC) and Polygon (MATIC).
SHIB price falls 91% below all-time high | Source: SHIBUSD on Tradingview.com
Featured image from Finbold, chart from Tradingview.com