A prominent member of the Shiba Inu community highlighted data from Arkham Intelligence indicating that the trading platform Robinhood holds 36.684 trillion SHIB tokens in its wallet. The data reveals that Robinhood’s Shiba Inu wallet added 231 billion tokens in a single day, suggesting that investors on the platform are accumulating the meme-inspired cryptocurrency.
It’s important to note that exchange wallets represent users’ assets, not the platform’s own assets. Large wallets often secure funds for users while trading on the platform. Following a significant increase in the project’s burn rate, which soared by over 28,600%, a whale transferred a massive 136.8 billion tokens to a newly created wallet.
According to Lookonchain data, four whales, including one that accumulated 1.44 trillion tokens in just three days, have amassed a total of 2.39 trillion tokens from crypto exchanges in the past month. This accumulation trend coincides with SHIB’s partnership with domain company D3 Global, which allows users to acquire SHIB domain names, further boosting the burn rate.
The partnership with D3 makes Shiba Inu one of the first decentralized projects to pursue a top-level domain name through the Internet Corporation for Assigned Names and Numbers (ICANN). A staggering 8.6 billion SHIB tokens were permanently removed from circulation last month, causing a significant uptick in the burn rate by 160,598% compared to the previous day.
The Shiba Inu community continues to burn tokens by transferring them to addresses no one controls, aiming to reduce the circulating supply and potentially drive up the price if met with stronger demand.