Robinhood Increases its Shiba Inu Holdings Amidst a Surge in Whale Accumulation

Data obtained from Arkham Intelligence reveals a significant surge in Shiba Inu (SHIB) holdings by Robinhood. A Shiba Inu enthusiast named “Lola” on social media platform X has brought attention to this recent development, noting that Robinhood has accumulated billions of SHIB within a 24-hour period.

Lola’s tweet, citing data from Arkham Intelligence, reveals that Robinhood’s SHIB holdings have skyrocketed from 35 million SHIB to an astonishing 36.684 trillion SHIB in just one day. This accumulation, valued at $350.34 million, represents an impressive addition of approximately 230 billion SHIB tokens. Lola emphasizes that while Robinhood is accumulating SHIB, the decentralized finance (DeFi) sector as a whole is observing a similar trend with Bitcoin.

The market data supports the notion of whale accumulation, as SHIB experiences a remarkable 1,542% surge in Large Holders Netflow, indicating changes in positions among significant SHIB investors. Furthermore, the surge in Large Holder Inflows by 181% suggests increased buying activity during a period of low SHIB prices.

Moreover, the Large Transaction Volume index has witnessed a significant 551% increase, indicating substantial movement with 5.9 trillion SHIB tokens transferred in large transactions.

Despite this accumulating trend, SHIB’s market value has experienced a slight decline of 1.43% in the last 24 hours, settling at $0.000009544, according to data from CoinMarketCap.

In conclusion, as Robinhood expands its SHIB holdings, on-chain indicators point towards significant accumulation by whales, suggesting a potential bullish sentiment.

Tags: Crypto news