Robinhood Goes SHIB Crazy! Exchange Snaps Up Billions of Shiba Inu
Robinhood, the popular stock trading platform, has sent shockwaves through the crypto world with a surprise 230 billion Shiba Inu (SHIB) purchase in just 24 hours. This bold move marks a significant investment for the company.
Robinhood’s SHIB Shopping Spree
Robinhood platform has made a significant purchase of Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency by market capitalization. According to Arkham Intelligence, a crypto exchange that tracks wallet activity, Robinhood has increased its SHIB holdings by 231 billion tokens in less than 24 hours.
A Shiba Inu enthusiast named Lola, who posts on X, a social media platform for crypto enthusiasts, has been following Robinhood’s SHIB movements closely. She reported that Robinhood’s total SHIB holdings went up from 36.454 trillion to 36.684 trillion between Jan. 16 and Jan. 17. This means that Robinhood now holds about $350 million worth of SHIB, making it the third-largest crypto asset by dollar value on the platform.
Source: X
Robinhood’s SHIB acquisition comes at a time when the cryptocurrency is trading at a low price of $0.00000953, down 1.43% in the last 24 hours, according to CoinMarketCap data. This could indicate that Robinhood is bullish on SHIB and expects it to rise in value shortly.
Whale Activity in the SHIB
Robinhood is not the only entity that is loading up on SHIB. On-chain data from IntoTheBlock, a blockchain analytics firm, shows that there has been a surge in whale activity in the SHIB market.
Moreover, there has been a 1,542% spike in Large Holders Netflow, which measures the change in the positions of whales and investors with substantial amounts of SHIB holdings. A positive netflow indicates that more SHIB is moving into these wallets than out, implying accumulation.
Another whale indicator, Large Holder Inflows, has also increased by 181%, indicating that more SHIB are being bought by large holders. Additionally, a whale activity index, Large Transaction Volume, has risen by 551% in the last 24 hours, with 5.9 trillion SHIB moved in large transactions.
These on-chain data points suggest that whales, or large holders, are optimistic about SHIB and are preparing for a potential bull run. This could also create a positive feedback loop, as more investors and traders may follow the whale signals and join the SHIB army.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
