cryptoglobe.com
A prominent Shiba Inu ($SHIB) community member has recently pointed out that data from Arkham Intelligence shows that the commission-free trading platform Robinhood (NASDAQ: HOOD) currently has 36.684 trillion SHIB tokens in its wallet.
The data shows that in a single day, the trading platform’s Shiba Inu wallet added an additional 231 billion tokens, seemingly as investors on the platform are accumulating the meme-inspired cryptocurrency, adding to its wallet.
My #Robinhood Tweet yesterday shows 36.454 Trillion #SHIB by Robinhood from data provided by Arkham
— Lola (@CryptoLollla) January 17, 2024
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…
It’s worth noting that cryptocurrency exchange wallets don’t represent the holdings of the trading platform itself, but rather represent the holdings of its users. Often, these large wallets keep the funds safe under cold storage as users trade within the platform.
As CryptoGlobe reported, cryptocurrency whales have been accumulating the meme-inspired cryptocurrency. One whale sent a whopping 136.8 billion tokens ) to a newly created wallet earlier this week, shortly after the community-driven cryptocurrency project incinerated 9.35 billion tokens as its burn rate skyrocketed by more than 28,600%.
According to Lookonchain data, a total of four whales have accumulated 2.39 trillion tokens from cryptocurrency exchanges in the past month, including one whale that accumulated 1.44 trillion tokens in just three days. Those accumulating SHIB, per the service, including TRON founder Justin Sun, who added 577 billion tokens to his wallet.
The burn rate is rising at a time in which Shiba Inu’s team has partnered with domain firm D3 Global was announced, allowing users to acquire .shib domains.
The partnership sees Shiba Inu become one of the first decentralized projects to partner with D3 to pursue a top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN). Some other networks have their own native addresses, with Ethereums’ ending in .eth.
Last month, SHIB unleashed an inferno on its tokens after a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represented a remarkable 160,598% increase from the previous day’s burn rate.
Shiba Inu’s community burns tokens by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reduce its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Featured image via Unsplash.