Shiba Inu has shown itself to be one of the best-performing cryptocurrencies over the last 24 hours, despite the general market downturn.
According to CoinMarketCap, SHIB has been doing pretty well over the last day, despite its ongoing weakness on a weekly timeframe.
However, there may be a few signs that the tide is about to change for the memecoin.
One of these is the massive strides Shibarium is making, and another is how the popular US trading firm, Recently, Robinhood added another ~1 trillion SHIB to its holdings and is now in close Shiba Inu competition with Binance.
Despite a relatively unimpressive first launch, Shibarium has now taken the crypto industry by storm and is performing way better than anyone may have expected.
Shibarium is now leading in terms of several metrics and appears to have been worth all the hype.
One such metric is Shibarium's number of daily transactions and the number of new wallets created on the network daily.
According to the snapshot above, taken from Shibarium Scan, Shibarium's daily transaction volume is steadily increasing, demonstrating the platform's continuous use.
As it turns out, there are about 200,000 daily transactions (183k at the moment) on Shibarium at the moment.
This is even more impressive, considering how this protocol is less than a month old. Transactions have been stabilizing so far, at around 200,000 since 11 September and Shibarium (by extension, Shiba Inu as well) is showing signs of going nowhere but up.
Shiba Inu has established itself as a key cryptocurrency on Robinhood, even though the crypto exchange gained its popularity by offering cryptocurrencies like GameStop to its customers, and later introducing early trading for the most popular meme coin, Dogecoin.
According to recent reports, Robinhood has now seen a massive inflow of Shiba Inu tokens into its wallets.
According to data taken from Etherscan and illustrated above, Robinhood's Shiba Inu holdings have been on the rise from August until date.
This wallet address tagged "0x73AF3bcf944a6559933396c1577B257e2054D935", according to Etherscan data has been accumulating Shiba Inu as of late, and even added 878.5 billion SHIB tokens to its holdings, between August and September.
This wallet now contains a total of 8.02 trillion Shiba Inu and comes in as the third largest SHIB holder after Binance.
When put together, all of Robinhood's wallets now hold approximately 35 trillion tokens.
The crypto market appears to be recovering.
This is especially true, with how several cryptocurrencies across the market (including Shiba Inu) are starting to show signs of recovery on their daily timeframes.
Shiba Inu in particular, has been largely bearish over the year and has erased most of its YTD gains. However, there may be a silver lining.
Coupled with the general long-term bearishness, Shiba Inu had a significant price suppression over the last several weeks, suggesting that it is now very oversold (the daily chart's RSI below confirms this).
This makes Shiba Inu perfect for buying and holding at current prices.
Shiba Inu is currently trading at $0.00000739.
Its oversold status, as well as how it is now in a descending wedge (a bullish pattern) paint a very positive picture for this memecoin.
Could it be possible that Robinhood sees this pattern and all the other signs on Shiba Inu and Shibarium, and is now accumulating the memecoin in preparation for a massive price reversal to the upside?
Shiba Inu has tested the $0.00000739 zone and is now aiming for a bounce.
If the bulls can sustain this momentum, we may see SHIB rally to the top of the formation around $0.00001, and then break out as it targets higher price levels.
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