Viral Tweet
You may have seen Lola’s tweet recently, citing Arkham Intelligence data, revealing that Robinhood’s SHIB holdings jumped from 35 million to 36.684 trillion SHIB in just one day, valued at $350.34 million. This is an increase of approximately 230 billion SHIB tokens. Lola emphasizes that while Robinhood accumulates SHIB, the broader DeFi sector is also showing 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% indicates increased buying activity during a period of low SHIB prices. Additionally, the Large Transaction Volume index has witnessed a 551% uptick, signifying 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.
Hot Take
As Robinhood expands its SHIB holdings, the on-chain indicators point towards large accumulation by whales, indicating a probable bullish sentiment.
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