Altcoins

How Much Robinhood is Holding in Shiba Inu and Ethereum?

Author: Sohrab Khawas

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    Robinhood Markets Inc. (NASDAQ: HOOD) holds approximately 8 percent of its assets in Ethereum-based Shiba Inu. According to Coinbase director Conor Grogan, Robinhood holds approximately $266 million in Shiba Inu, per publicly tagged wallets. In total, Grogan noted that Robinhood holds approximately $3.37 billion in digital assets on Ethereum Virtual Machines (EVM).

    Robinhood has significantly shifted to the crypto market in the past three years with its launch of the Polygon (MATIC) Web3 wallet. According to the trading company, Robinhood Wallet allows users to swap crypto with no fees through the Polygon network. 

    “Not including BTC, Robinhood holds less than half of a percent of assets on chains outside of Ethereum, and only about a million on MATIC. I found this interesting because Robinhood’s Wallet is on Polygon,” Grogan added.

    The company holds Ethereum mostly in its assets amounting to about $3.35 billion. Otherwise, the company does not hold Polygon assets but has about $17.42 million on the Avalanche network.

    Shiba Inu Bigger Picture

    With about 1,287,999 holders, Shiba Inu has grown to a $6.3 billion valued ecosystem. However, it is the Shibarium beta launch that has sparked optimism in the Shiba Inu ecosystem. Notably, the layer 2 Shibarium network is expected to bring scalable Web3 development to the Shiba Inu ecosystem.

    As such, several non-custodial crypto wallets including Atomic have announced the support of the Shibarium network.

    Nonetheless, Shiba Inu’s price seems to have hit a rather strong psychological resistance level of around $ 0.000011521. Notably, it is at this level that Shiba Inu capitulated after the FTX fiasco late last year.

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