An unknown whale has transferred a large amount of Shiba Inu (SHIB) as the cryptocurrency continues its remarkable surge.
Shiba Inu has become one of the best-performing cryptocurrencies in recent times with a 52% increase in 24 hours and a more eye-catching 289% gain in the past seven days. Amid the price increase, the number of whale transactions has increased significantly.
In the latest of such transactions, on-chain data reveals one entity recently moved 1.25 trillion SHIB valued at over $41 million. The large transfer was made from the crypto trading firm Cumberland to the popular trading platform Robinhood.
🚨 🚨 1,250,318,249,876 #SHIB (41,329,269 USD) transferred from #Cumberland to unknown wallethttps://t.co/i7SYyYui4K
— Whale Alert (@whale_alert) March 4, 2024
While the identity of the individual or organization behind the transfer is unknown, the origin of the movement could suggest that Cumberland may be behind the movement.
A possible explanation is that the exchange handled the transfer for one of its high-profile customers. In this case, the substantial Shiba Inu investment may be owned by a crypto hedge fund or venture capital.
Whatever the case, it is noteworthy that the assets represent the largest holding for the recipient wallet, which holds ties with Robinhood.
At the time of writing, the address holds over $435 million worth of crypto assets. Shiba Inu makes up $345 million of the entire portfolio, with Chainlink (LINK) and Aave (AAVE) completing the top three.
Shiba Inu Rebounds to 2021 Levels
The latest whale movement comes at a time when Shiba Inu is outperforming the rest of the crypto market. Within the past 24 hours, Shiba Inu reached a high of $0.00045, returning to levels last seen in December 2021, or two months after its all-time high.
However, the token has retraced to $0.000037 at the time of writing. According to CoinMarketCap data, Shiba Inu is now 56% away from its ATH, with increased volume backing the token to make an attempt at returning to those unprecedented levels.
