Robinhood recently executed a massive transaction involving 3 trillion Shiba Inu tokens, worth $79.94 million at the time of the transfer. This has caught the attention of Whale Alert, a platform that tracks whale movements in the cryptocurrency market. The transaction is the largest Shiba Inu transfer in the past 24 hours and the second-largest in the last week.
The sender and receiver of the tokens remain unknown, leading to speculation and divided reactions in the market. Some believe the funds were moved to an exchange for potential sell-offs, while others think it could be for long-term storage. However, an analysis by The Crypto Basic suggests that both the sending and receiving addresses are affiliated with Robinhood, indicating that it was an internal fund movement within the platform.
Exchanges like Robinhood often shuffle funds between their internal wallets for security purposes and to optimize asset management. These movements have no significant impact on the market. Similar transactions have been observed in the past, including ones involving Crypto.com and Coinbase.
The sending address in the recent Robinhood transaction has moved a total of 6 trillion Shiba Inu tokens, worth $163.68 million, in the past five days. It previously transferred 4 trillion SHIB to another Robinhood wallet on April 19. Currently, it holds 4.13 trillion SHIB, valued at $112.46 million.
In the last 24 hours, Arkham Intelligence has recorded multiple whale movements involving exchanges. Binance transferred 1.04 trillion SHIB in two transactions, Coinbase moved 423 billion SHIB, and Crypto.com shuffled 146 billion tokens.
Meanwhile, Shiba Inu is struggling to surpass the $0.000028 threshold. Although it recently broke above its multi-week symmetrical triangle, it lacks strength and is consolidating.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect those of The Crypto Basic. Readers should conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses.