Based on data from Arkham Intelligence, Robinhood, the stock brokerage giant, appears to have recently increased its stock of Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency by market cap.
A Shiba Inu enthusiast named “Lola” on
My #Robinhood Tweet from yesterday shows 36.454 trillion Robinhood #SHIB from data provided by Arkham
and now, in less than 24 hours, they have $36.684 trillion SHIB. 231 billion Shiba INU added on that exchange
They are accumulating while #TRADEFI accumulates #Bitcoin…
— Lola (@CryptoLollla) January 17, 2024
The previous day, January 16, the SHIb enthusiast drew attention to the fact that Robinhood’s wallet holdings had grown from approximately 35 million SHIB to 36.454 trillion SHIB.
At the time of writing, this figure, according to Arkham Intelligence Explorer, had increased to 36.684 trillion SHIB, worth $350.34 million. This translates to an addition of approximately 230 billion SHIB tokens in the last 24 hours.
SHIB net flows rise 1,542%
While some uncertainty remains, on-chain data supports the narrative of SHIB accumulation by whales, or large holders.
For example, SHIB describes a 1,542% spike in large holder Netflow based on IntoTheBlock data. The Large Holders Netflow indicator provides information on the change in the positions of whales and investors with substantial amounts of SHIB holdings.
That said, spikes in net flow are often taken as a hint of accumulation by large traders, or whales. Another whale indicator, Large Holder Inflows, also rose 181%, suggesting buying activity as SHIB price calmed down.
An index of whale activity, Large Transaction Volume, also increased 551% in the past 24 hours, with 5.9 trillion SHIBs moved in large transactions.
As of this writing, SHIB has fallen 1.43% over the past 24 hours to $0.000009544, according to data from CoinMarketCap.
