Due to the support of Robinhood crypto Exchange, Whales are showing rapid interest in the Shiba Inu token as an opportunity again.
Shiba Inu token is a popular meme coin, which is known as the biggest competitor of Dogecoin. The main reason behind the ranking stand of this token is the shoutout of Elon Musk. Later the Project team behind the Shiba Inu project started to work on different development works, like Defi protocols, Metaverse and Separate blockchain network etc, to create a better hype and to attract huge investors.
On 16 April, WhaleStats reported that an ETH whale purchased 223,761,580,609 Shiba Inu tokens, worth around $5,781,999. This whale is the 5 biggest ETH whale in the WhaleStats list.
Due to the huge trade Volume for Shiba Inu tokens, Shiba grabbed the top position in the highest traded token among the EtH whales in the last 24 hours.
Reason behind the Inflow of whales
Since Q4 2021, the majority of the whales and crypto influencers supported this coin as a better coin for short-term holding, and also Shiba inu resulted in better profit to the investors. But in the last few months, Shiba Inu faced a huge downfall in the token holders.
But in the last few days, a huge significant inflow of money can be seen, thanks to the support of Robinhood.
Robinhood is a stock and crypto exchange, which is a publicly listed company. From the very beginning, Exchange refused to add support for Shiba Inu tokens. At that time Robinhood executives stated that they will prioritize the safety for crypto investors , instead of listing crypto assets.
But this week, Robinhood jumped in support of the Shiba Inu token.
However, Robinhood didn’t announce to list the token but the airdrop of the Shiba Inu token for Robinhood users confirmed that soon Exchange will list it.