Shiba Inu-focused ‘X’ user (formerly Twitter) “Lola” has shared that the Robinhood exchange holds around 20 trillion SHIB tokens. Data from the crypto analytics platform ArkhamIntelligence also confirmed Robinhood’s Shiba Inu (SHIB) holdings. As per Akrham’s data, the value of the 20 trillion SHIB tokens is $197.4 million.
She shed light on the fact that Robinhood is backed by some of the biggest financial institutions. BlackRock Fund Advisors owns 2.71% of the exchange. The Vanguard Group, Inc., which is also one of the largest asset managers in the world, holds the highest percentage (7.05%). Others include ARK Investment Management LLC, and Nikko Asset Management Co., Ltd., among others.
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According to “Lola,” the next “bull run is going to be sooooo Euphoric.”
What do Robinhood’s Shiba Inu holdings tell us?
Robinhood is backed by some of the largest asset managers in the world. Therefore, their holding of $197 million worth of an asset could mean that the backers are confident about SHIB. Shiba Inu (SHIB) is currently the second-largest holding by Robinhood, following Ethereum (ETH). The exchange holds a whopping 1.49 million ETH, worth over $2 billion.
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However, the large SHIB holdings could also mean that a large number of users are holding SHIB tokens. In order to maintain liquidity, the exchange has enough SHIB to cover user funds. Nonetheless, the large amount of Shiba Inu (SHIB) in Robinhood’s coffers is a testament to the token’s popularity. SHIB has managed to take the crypto world by storm in just three years of existence. Very few projects have been able to boast the popularity of SHIB.