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Robinhood shuffles a whopping 3 trillion Shiba Inu (SHIB) tokens as prices recover above the much-coveted $0.000025 territory for the first time in over ten days.
Shiba Inu has witnessed a series of whale movements in recent times, especially as the market looks to recoup the losses of the latest correction. Some of these whale movements involve inflows and outflows from exchanges, while some are mere shuffles carried out by trading platforms for finance reasons.
Robinhood Moves 3T Shiba Inu
Whale Alert, a prominent whale-tracking resource, drew attention to one of these large transactions in a post today. According to the disclosure, an unidentified wallet moved 3 trillion SHIB valued at $74.7 million at the time to a wallet belonging to American trading platform Robinhood.
🚨 🚨 🚨 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
The movement caught the eye, especially due to the substantial value involved and the perception that it involved an exchange inflow. For context, investors move large amounts of tokens to exchanges when they have an intent to liquidate them on these platforms. As a result, such inflows contribute to bearish sentiments.
Commentaries surrounding these sentiments have already emerged, with some speculators suggesting the whale involved might be looking to sell off his Shiba Inu tokens to procure some GameStop (GME) tokens. Recall that GME, the Solana-based meme coin, soared over 3,900% in two days on the back of the rally from the original GameStop stock.
An Exchange Shuffle
Interestingly, these speculations surrounding a potential dump of the 3 trillion SHIB tokens were inspired by scarcity of information. A closer look at the movement indicates that the transaction was in fact an in-house shuffle carried out by Robinhood and not an inflow.
On-chain data confirms that the sending address, though dubbed unknown by Whale Alert, actually belongs to Robinhood, with the tag “Robinhood 6.” This address had held on to the tokens after receiving it from “Robinhood 2” two weeks ago. Following the latest movement, the address now holds 2.8 trillion SHIB worth $72 million.
Notably, both addresses have been shuffling substantial amounts of SHIB for over a month now. The Crypto Basic has reported on some of these movements, with one also involving 3 trillion SHIB last month. Robinhood has also continued to expand support for Shiba Inu, extending its availability to New York in April.
Shiba Inu makes up a large portion of Robinhood’s crypto holdings. One of the platform’s cold addresses is the fourth largest SHIB holder with a balance of 31.7 trillion tokens, worth $796 million. This balance represents 3.18% of the SHIB circulating supply.
Shiba Inu Recovers $0.000025
The latest fund movements come when Shiba Inu is looking to recover the losses of the previous correction. During this correction, Shiba Inu collapsed to a low of $0.00002057. However, it has engineered a comeback from this level, now trading for $0.00002541.
SHIB now looks to solidify its breach of a multi-week symmetrical triangle that has plagued it since March 5. To achieve this, Shiba Inu would need to transform the $0.00002479 level, which aligns with Fibonacci 0.236, as support. A push toward $0.00002875 could bolster Shiba Inu’s chances of finally reaching $0.00003.