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American trading platform Robinhood moves a whopping 2.7 trillion Shiba Inu tokens between its wallets as SHIB battles to stage a recovery push.
Crypto whale analytical resource Whale Alert informed the investing public of this large transaction at a time when the market has maintained choppy price movements amid a recovery push. Whale Alert’s disclosure suggested that the funds moved from a Robinhood wallet to an unknown address.
🚨 🚨 2,700,000,000,000 #SHIB (48,343,500 USD) transferred from #Robinhood to unknown wallethttps://t.co/6aMEc1Vr3E
— Whale Alert (@whale_alert) July 19, 2024
An Internal Shiba Inu Transfer
The nature of the alert triggered a positive response from market participants, who anticipated reduced selling pressure. Notably, investors typically move out their assets from exchanges when there is an intent to hold them for long. As such, exchange withdrawals typically come with bullish sentiments.
However, data from Etherscan confirms that this transaction was not in fact an exchange withdrawal. The whale transfer, which occurred yesterday at 23:15 UTC, involved two Robinhood wallets. Specifically, the assets, valued at $48.3 million at the time, moved from the Robinhood 6 address to a Robinhood cold wallet.
The recipient address (Robinhood’s cold wallet) now holds 36.6 trillion SHIB ($652.7 million), representing 6.2% of Shiba Inu’s circulating supply. With the exception of the burn wallet, this address is the second-largest Shiba Inu holder, just below the Binance cold wallet with 37.4 trillion tokens.
Robinhood Continues to Shuffle SHIB
Meanwhile, the sending address (Robinhood 6) currently holds 5.2 trillion SHIB, making it the 11th largest Shiba Inu holder. Robinhood holds more SHIB tokens than any other platform besides Binance, and they have continued to shuffle these tokens occasionally.
On June 10, the trading platform moved 600 billion Shiba Inu in an internal transfer. Robinhood also shuffled a massive 3 trillion SHIB on May 16 as Shiba Inu traded for $0.000025. The platform also moved 230 billion SHIB within 24 hours six months ago. Interestingly, Shiba Inu became its third-largest crypto holding in January.
Shiba Inu Eyes Recovery Above $0.00002
Meanwhile, the recent movement comes when Shiba Inu is looking to recover from the recent market drop. SHIB currently trades for $0.00001780. Data from the chart below shows an attempt to break above the $0.00002101 resistance level, which aligns with the 50% Fibonacci retracement.
SHIB has been in a downtrend since May, but recent candles suggest a potential reversal as it approaches this key resistance. The RSI indicator is around the neutral 50 mark, indicating a lack of strong momentum in either direction. However, it is recovering from oversold conditions, which could support a bullish case.
Moreover, Shiba Inu recently broke out of a descending trendline, hinting at a possible shift in market sentiment. If SHIB manages to sustain a break above $0.00002101, it could pave the way for further gains towards the 61.8% and 78.6% Fibonacci retracement levels, around $0.00002298 and $0.00002579, respectively.