A significant amount of Shiba Inu (SHIB) tokens has been transferred to a whale address from a Robinhood wallet, as the price of SHIB corrects to the $0.000027 region. The transaction, which was highlighted by market tracking resource Whale Alert, took place following a surge in SHIB’s price to retest the $0.000029 price territory.
According to on-chain data from Etherscan, the transaction occurred yesterday at 16:46 UTC and involved a total of 445,868,091,840 SHIB tokens, amounting to $12.171 million. The average price per SHIB in the transaction was $0.00002729, representing a 7% drop from SHIB’s recent high of $0.00002945.
The sender of the tokens is Robinhood, but the recipient’s identity remains unknown at this time. However, it has been confirmed that the address now holds 527.3 billion SHIB tokens, valued at $14.68 million. Interestingly, Shiba Inu is the largest holding in this whale’s portfolio, with Ethereum (ETH) coming in second.
This is the second SHIB whale movement involving the wallet and Robinhood, as the address previously received 275 billion SHIB tokens worth $7.6 million on May 28. Over the past month, the address has been acquiring these tokens from both Robinhood and Zero Hash, a platform that enables businesses to provide crypto payment exposure to their clients via APIs.
In addition to accumulation, the whale has also been systematically offloading some of the SHIB tokens, transferring 200.91 billion SHIB to two different wallets in the past two days. This pattern of accumulation and distribution makes it difficult to determine whether the address belongs to an individual whale or is affiliated with Robinhood.
Interestingly, similar movements of Shiba Inu funds have been observed recently. In early May, The Crypto Basic reported on an address that accumulated 1.75 trillion SHIB tokens from Robinhood in multiple transactions. Prior to these movements, the same address sent 3 trillion SHIB to Robinhood in a single transaction last month.
Despite the recent outflows from Robinhood, data from CryptoQuant suggests that more SHIB tokens are flowing into exchanges. Yesterday, exchanges saw a netflow of 1.069 trillion SHIB tokens. This coincided with SHIB’s retracement from its high of $0.000029, with the current trading price at $0.00002736.
Please note that this article is for informational purposes only 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 their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.