Robinhood has recently conducted a massive transaction involving 3 trillion Shiba Inu (SHIB) tokens, as the price of SHIB surpasses the coveted $0.000025 threshold for the first time in over ten days.
In recent times, there have been several movements of large amounts of SHIB tokens, also known as whale movements. These movements can involve transfers in and out of exchanges, as well as shuffles carried out by trading platforms for financial reasons.
One such movement caught the attention of Whale Alert, a well-known whale-tracking resource. According to their report, an unidentified wallet transferred 3 trillion SHIB tokens, valued at $74.7 million at the time, to a wallet owned by the American trading platform Robinhood.
This significant transaction has sparked interest due to the substantial value involved and the perception that it may be an inflow to an exchange. Typically, investors transfer large amounts of tokens to exchanges when they intend to sell them. As a result, these inflows can contribute to bearish sentiments in the market.
Speculation has already emerged regarding the intentions behind this transaction, with some suggesting that the whale involved may be selling off their SHIB tokens to acquire GameStop (GME) tokens. It is worth noting that GME, a meme coin based on the Solana blockchain, experienced a massive surge of over 3,900% in just two days, following the rally of the original GameStop stock.
Interestingly, the speculations about a potential dump of the 3 trillion SHIB tokens were fueled by a lack of information. However, a closer look at the transaction reveals that it was actually an internal shuffle conducted by Robinhood, rather than an inflow to an exchange.
On-chain data confirms that the sending address, labeled as unknown by Whale Alert, actually belongs to Robinhood, with the tag “Robinhood 6.” This address had been holding onto the tokens since receiving them from “Robinhood 2” two weeks ago. Following the recent shuffle, the address now holds 2.8 trillion SHIB tokens, worth $72 million.
Both addresses have been involved in significant shuffling of SHIB tokens for over a month. The Crypto Basic has previously reported on one such movement, which also involved 3 trillion SHIB tokens last month. Robinhood has been expanding its support for Shiba Inu and made it available in New York in April.
Shiba Inu constitutes a significant portion of Robinhood’s crypto holdings. One of the platform’s cold addresses is the fourth-largest holder of SHIB tokens, with a balance of 31.7 trillion tokens, worth $796 million. This balance represents 3.18% of the circulating supply of SHIB.
The recent movement of funds coincides with Shiba Inu’s recovery from the previous correction. During this correction, SHIB’s price dropped to a low of $0.00002057. However, it has since rebounded and is currently trading at $0.00002541.
SHIB is now aiming to solidify its breach of a multi-week symmetrical triangle that has been affecting its price since March 5. To achieve this, SHIB would need to establish support at the $0.00002479 level, which aligns with the Fibonacci 0.236 retracement. A push towards $0.00002875 could increase the likelihood of SHIB reaching the $0.00003 mark.
Disclaimer: This article provides informational content and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic bears no responsibility for any financial losses incurred.