NAIROBI (CoinChapter.com)—Shiba Inu (SHIB) is seeing elevated consideration after U.S.-based alternate Robinhood considerably grew its token holdings. In keeping with information shared by CryptoLolla, a well known member of the SHIB neighborhood, Robinhood’s SHIB stake jumped from 34 trillion to 47 trillion tokens. This 38% enhance positions SHIB as Robinhood’s third-largest crypto asset, following solely Bitcoin and Ethereum.

Lola Teases SHIB Dominance

CryptoLolla identified Shiba Inu’s rising prominence in Robinhood’s portfolio, trailing solely Bitcoin and Ethereum. She additionally famous a rise in SHIB pockets holders, rising from 1.3 million to 1.4 million with out an airdrop.

CryptoLolla inspired the neighborhood to deal with the details, downplaying any concern, uncertainty, or doubt (FUD) surrounding SHIB. Robinhood’s rising stake hints that institutional traders may very well be positioning for future progress within the token.

Shibarium Progress Slows, Elevating Issues

Regardless of Robinhood’s massive SHIB buy, the Shiba Inu ecosystem is going through hurdles, notably with its Layer 2 resolution, Shibarium. Information from Shibariumscan exhibits that person progress has slowed since mid-Sept., inflicting concern amongst traders.

Shibarium’s current stagnation mirrors the coin’s waning price momentum. Information from Etherscan additionally reveals a decline in transaction volumes, reflecting a cautious strategy by merchants. Nonetheless, SHIB continues to see progress in its person base, with over 1.4 million wallets now holding the token—an increase of 100,000 in comparison with final 12 months.

Potential for a Breakout Amid Market Volatility

As of Sept. 23, 2024, the price of SHIB USD trades at round $0.00001452, carefully hovering above a essential assist degree marked at $0.00001276.

SHIB has fashioned a bullish falling wedge sample, which may point out an upcoming price surge if it maintains key assist ranges. The Relative Power Index (RSI) stays in bullish territory, and the Chaikin Cash Circulation (CMF) suggests capital inflows are nonetheless sturdy.

Market analyst Charting Man sees a breakout on the horizon. He factors to a symmetrical triangle forming over the previous few months, suggesting SHIB is “ready” for a transfer. The triangle’s decrease trendline started in Might, whereas the higher trendline fashioned after SHIB’s drop from its yearly excessive of $0.000045 in March. With consolidation nearing its finish, a breakout may push SHIB to ranges final seen in late 2021.

Above all, Robinhood’s rising stake in Shiba Inu alerts confidence from institutional traders, but the coin’s speedy trajectory will rely upon overcoming its present ecosystem hurdles.