Bitcoin Whale Adds 845B SHIB To Its Crypto Holdings During Bear Market

Robinhood, the U.S.-based trading platform that owns the third-largest Bitcoin (BTC) wallet and fifth-largest Ethereum (ETH) wallet, added more than 800 billion Shiba Inu (SHIB) tokens to its crypto holdings during the recent bear market.

Blockchain analytics firm Arkham Intelligence, on Aug. 31, identified that Robinhood was one of the biggest holders of Ethereum and Bitcoin tokens and was considered a whale in the crypto market – an individual or organization that holds a significant amount of a particular crypto asset that can impact its value depending on the whale's activity.

The top three assets in Robinhood's crypto holding were Bitcoin, Ethereum and Shiba Inu, the blockchain firm revealed.

Robinhood had 34.086 trillion Shiba Inu (SHIB) tokens, equivalent to approximately $279.85 million, on Aug. 31. By Thursday, the platform's portfolio showed that it saw an increase of 102.48% in its SHIB holdings or an inflow of around 845 billion.

What makes this more interesting is that the massive inflow happened during the bear season, particularly when the market was painting red indices and Bitcoin was narrowly trading between the $25,000 and $26,000 price level.

"Shib is a fully decentralized project, and the incredible adoption it is witnessing is truly amazing. It comes as no surprise that BTC investors are starting to scoop it up," Lucie, a Shiba Ecosystem and Shibarium Tech marketing specialist, told International Business Times. "I am confident that we will witness some incredible moments, not only for Shib but for the entire Shiba ecosystem and Shibarium, during the upcoming bull run."

And, it looks like Shibarium, the layer-2 scalability solution of the Shiba Ecosystem, is just the start of the many upcoming projects the team is working on for the community.

Shytohi Kusama, the pseudonymous lead developer of the Shiba Ecosystem, resurfaced after a social media hiatus this week and surprised the community by mentioning some "secret initiatives," including AI initiatives for SHIB.

"Great meeting with @MrLightspeed and some key members of the Bad AI Team to push forward on the secret and not-so-secret AI initiatives for Shib. Thanks for all the hard work gents," Kusama said on the Bad Idea AI (BAD) Telegram channel.

SHIB was trading down at $0.00000721, with a 24-hour trading volume down by 32.04% at $62.44 million as of 4:35 a.m. ET on Thursday, representing a 0.32% decrease in the last 24 hours and a 0.5% loss over the past seven days.

SHIB's total circulating supply stands at 589.35 trillion SHIB, with its value up by 0.35% and a market cap of $4.25 billion, according to data from CoinMarketCap.