Data from Arkham Intelligence shows a significant increase in Shiba Inu (SHIB) holdings on Robinhood. A Shiba Inu enthusiast named “Lola” on social media platform
viral tweet
Lola’s tweet, citing Arkham Intelligence data, shows that Robinhood’s SHIB holdings jumped from 35 million SHIB to 36.684 trillion SHIB in just one day. This accumulation, worth $350.34 million, represents the addition of approximately 230 billion SHIB tokens. Lola highlights that while Robinhood is accumulating SHIB, the broader decentralized finance (DeFi) sector is witnessing a similar trend with Bitcoin.
market data
On-chain data supports the whale accumulation explanation as SHIB experienced a 1,542% surge in large holder Netflow, reflecting a shift in positions among significant SHIB investors. The 181% surge in large holder inflows reflects increased buying activity during periods of low SHIB prices.
Additionally, the Large Volume Index, which rose 551%, represents a significant move with 5.9 trillion SHIB tokens transferred in large transactions.
Despite this cumulative trend, SHIB’s market cap remained at $0.000009544, down slightly by 1.43% over the past 24 hours, according to CoinMarketCap data.
In conclusion, as Robinhood expands its SHIB holdings, on-chain indicators point to a large accumulation of whales, indicating bullish sentiment.