Based on Arkham Intelligence data, Robinhood, the stock brokerage giant, seems to have recently increased its stash of Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency by market capitalization.
A Shiba Inu enthusiast named "Lola" on X draws attention to the fact that Robinhood's Shiba Inu stash has grown by billions of SHIB in the last 24 hours, citing data from Arkham Intelligence.
The previous day, Jan. 16, the SHIb enthusiast drew attention to the fact that Robinhood's wallet holdings had grown from around 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 about 230 billion SHIB tokens within the last 24 hours.
SHIB net flows jump 1,542%
While a measure of uncertainty remains, on-chain data supports the narrative of SHIB accumulation by whales, or large holders.
For instance, SHIB is depicting a 1,542% spike in Large Holders Netflow based on IntoTheBlock data. The Large Holders Netflow Indicator provides insight into the change in the positions of whales and investors with substantial amounts of SHIB holdings.
That said, spikes in netflow are often regarded as suggesting accumulation from large players, or whales. Another whale indicator, Large Holder Inflows, has also risen by 181%, suggesting buying activity as the SHIB price lulled.
A whale activity index, Large Transaction Volume, is also up 551% in the last 24 hours, with 5.9 trillion SHIB moved in large transactions.
At the time of writing, SHIB was down 1.43% in the last 24 hours to $0.000009544, per CoinMarketCap data.