Coinbase and Robinhood transfer 9607185765731 Shiba Inu tokens as SHIB revisits 0000022

Robinhood and Coinbase, two prominent American trading platforms, have made significant movements of Shiba Inu tokens totaling 9.6 trillion in the past 24 hours, amidst a market crash that has seen SHIB retest $0.000022.
Robinhood’s Move of 600 Billion Shiba Inu
Whale Alert, an on-chain tracking system, recently highlighted a notable development involving Robinhood’s transfer of 600 billion SHIB tokens, valued at $13.7 million at the time of the transaction. The movement caught the attention of market participants, sparking bullish sentiments as it was initially believed to be an exchange outflow, which typically eases selling pressure during a downtrend.
Further investigation revealed that the transfer was an internal fund shuffle by Robinhood. Despite being labeled as an unknown recipient by Whale Alert, the wallet actually belongs to Robinhood, now holding 3.4 trillion SHIB worth $78.2 million, making it the platform’s second-largest holding.
Coinbase’s Transfer of 9 Trillion Shiba Inu
In addition to Robinhood’s transaction, Arkham Intelligence, a crypto surveillance resource, reported multiple SHIB movements by Coinbase within the past 24 hours. The largest of these transactions involved an inflow of 5.55 trillion SHIB tokens worth $126.6 million to a Coinbase hot wallet.
Coinbase also transferred between 417 billion and 468 billion SHIB tokens across eight transactions to different wallets, with all funds eventually ending up in a wallet tagged as “Coinbase 10.” These transactions, totaling 9 trillion SHIB, have seen Coinbase 10 now holding 4.5 trillion SHIB worth $102.8 million, indicating a pattern of meeting customer withdrawal requests.
Overall, the combined whale transactions by Robinhood and Coinbase represent 1.62% of Shiba Inu’s circulating supply, amounting to $215.7 million in value, making it one of the largest cluster of movements in recent times.
SHIB’s Price Movement
These whale transactions have occurred during a period of market turbulence, with Shiba Inu witnessing a downturn. Following a 3.27% drop below the $0.000023 support level, SHIB is currently trading at $0.00002247.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The author’s opinions expressed here do not reflect The Crypto Basic’s views. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for any financial losses incurred.