A mysterious whale using an anonymous wallet, transferred a staggering 3 trillion Shiba Inu (SHIB), to the popular investment app Robinhood. The surprising move that has intrigued the crypto community is worth approximately $75 million.
Whale’s Move Target Shiba Inu Surge
According to a recent post from blockchain sleuth Whale Alert on X, the sender “0x73af3bcf…7e2054d935” moved the 3 trillion to a receiver “0x2efb50e9…32bbf2e204”. This substantial transfer occurred amidst a notable surge in the price of Shiba Inu.
🚨 🚨 🚨 3,000,000,000,000 #SHIB (74,788,500 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/YPK3w7Mceb
— Whale Alert (@whale_alert) May 16, 2024
In the past 24 hours, SHIB experienced a remarkable 12.2% increase in value, with 3.5% of this surge occurring in the last two hours leading up to the transaction.
The influx of SHIB tokens to Robinhood is part of a larger trend of increased activity among SHIB whales. This week, a prominent cryptocurrency trading firm, Cumberland, transferred 144 billion SHIB tokens to Coinbase, while another deposit of 63.2 billion SHIB was made to OKX and other undisclosed destinations.
Before the 3 trillion SHIB transfer to Robinhood, memecoin whales had already transacted over 1.75 trillion worth of tokens from Robinhood to an unknown wallet. This development, which occurred on May 2, coincides with increasing prices for SHIB.
This is ironic considering token transfers to exchanges signal likely selloffs that can drag prices down.
Robinhood Witnesses Memecoin Influx
In addition to the Shiba Inu transfer, another anonymous wallet deposited 200 million Dogecoin (DOGE) to Robinhood. This adds to the intrigue surrounding the sudden influx of memecoins to the platform.
The bullish breakout of SHIB over the past 24 hours has contributed to a surge in trading activity and investor interest. Despite its recent surge, SHIB is still trading at a relatively low price of $0.00002534 per CoinMarketCap data.
Meanwhile, Robinhood Markets Inc, the commission-free brokerage platform with strong support for Shiba Inu has reported an impressive Q1 performance. Robinhood reportedly grew the total crypto notional trading volume by 224% in the First Quarter, an indication of booming crypto-backed transactions.
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