A famous Shiba Inu enthusiast named “Lola” has called attention to the fact that Robinhood, an American-based trading platform, is increasing its SHIB holdings.
In a tweet today, Lola claimed that Robinhood added an astounding 231 billion SHIB tokens to its holdings in less than 24 hours.
My #Robinhood Tweet yesterday shows 36.454 Trillion #SHIB by Robinhood 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 accumulating #Bitcoin…
— Lola (@CryptoLollla) January 17, 2024
Robinhood’s Shiba Inu Holdings
Lola, who cited data from Arkham Intelligence, claimed that the American financial trading giant had about 36.454 trillion SHIB as of yesterday, January 16.
Interestingly, the fan of the canine-themed cryptocurrency pointed out that Robinhood’s SHIB holding has now surged to 36.684 trillion in the early hours of today.
Lola’s analysis suggests that Robinhood’s Shiba Inu stash has grown by over 230 billion in less than a day. It is worth noting that data from Arkham Intelligence also corroborates Lola’s claim, showing that Robinhood’s Shiba Inu holdings now stand at 36.684 trillion, equivalent to approximately $350 million.
Shiba Inu is currently the third-largest crypto asset by dollar value on Robinhood. The canine-themed cryptocurrency is currently behind Bitcoin and Ethereum in the ranking.
Massive Accumulation of SHIB By Whales
Meanwhile, other Shiba Inu-related on-chain data also supports the narrative of widespread accumulation of SHIB by large holders, popularly referred to as crypto whales.
According to data from IntoTheBlock, Shiba Inu’s Large Holders Netflow has spiked 1,542%. The Large Holders Netflow metric demonstrates the position change in terms of whales with enormous SHIB holdings.
Once the large holders’ flow of a particular crypto surges, it often suggests that whales are accumulating the asset in question. Additionally, Shiba Inu’s large holder inflow and whale activity index have also surged tremendously over the past day.
Per data from IntoTheBlock, Shiba Inu’s large holder inflow indicator is up 181% in the past 24 hours, while the whale activity index is up 551% in the same timeframe.
The development comes a week after a new Shiba Inu whale accumulated a whopping 1.44 trillion SHIB. As reported earlier, the whale accumulated the tokens from Binance and Gate.Io cryptocurrency exchanges.
Shiba Inu Beats ICP to Become 18th-Largest Crypto
At press time, Shiba Inu was changing hands at $0.00000950, down 1% in the past day.
The canine-themed token recently beat Internet Computer (ICP) to become the 18th-largest cryptocurrency with a market cap of $5.6 billion.
In the meantime, ICP is ranked in the 19th position, with a valuation of $5.59 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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