Robinhood Boosts Shiba Inu Holdings As Whales’ Accumulation Surge

The post Robinhood Boosts Shiba Inu Holdings As Whales’ Accumulation Surge appeared first on Coinpedia Fintech News

Data from Arkham Intelligence reveals Robinhood’s significant increase in Shiba Inu (SHIB) holdings. Shiba Inu enthusiast named “Lola” on social media platform X, highlights the recent surge, with Robinhood accumulating billions of SHIB within 24 hours.

Viral Tweet

Lola’s tweet, citing Arkham Intelligence data, discloses Robinhood’s rapid growth in SHIB holdings, rising from 35 million SHIB to 36.684 trillion SHIB in just a day. This accumulation, valued at $350.34 million, indicates a remarkable addition of approximately 230 billion SHIB tokens. Lola emphasizes that while Robinhood accumulates SHIB, the broader decentralized finance (DeFi) sector is witnessing a similar trend with Bitcoin.

Market Data 

On-chain data supports the narrative of whale accumulation, as SHIB experiences a 1,542% spike in Large Holders Netflow, reflecting changes in positions among substantial SHIB investors. The surge in Large Holder Inflows by 181% suggests increased buying activity during a period of low SHIB prices. 

Additionally, the Large Transaction Volume index, witnessing a 551% uptick, signifies considerable movement with 5.9 trillion SHIB tokens transferred in large transactions.

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

In conclusion, as Robinhood expands its SHIB holdings, the on-chain indicators point towards large accumulation by whales, indicating a probable bullish sentiment.