A whale address receives over 445 billion Shiba Inu tokens from a Robinhood wallet as SHIB’s price corrects to the $0.000027 region.
Whale Alert, a leading market tracking resource, first spotlighted the interesting fund movement, which occurred shortly after Shiba Inu witnessed an impressive price uptick to retest the $0.000029 price territory amid a three-day winning streak.
🚨 445,868,091,840 #SHIB (12,171,975 USD) transferred from #Robinhood to unknown wallethttps://t.co/93j10061Wr
— Whale Alert (@whale_alert) May 29, 2024
Details of the Transaction
On-chain data from Etherscan indicates that the transaction occurred yesterday at 16:46 UTC, involving exactly 445,868,091,840 SHIB tokens worth $12.171 million. According to market data, the funds moved at an average price of $0.00002729 per SHIB, a 7% drop from Shiba Inu’s local top of $0.00002945 during the latest solo rally.
While the sending address belongs to Robinhood, the recipient remains unknown as of press time. However, data confirms the address now holds 527.3 billion SHIB valued at $14.68 million against prevailing rates. Interestingly, Shiba Inu represents the largest single holding by this whale, with Ethereum (ETH) coming in second.
The latest transaction is the second SHIB whale movement involving the wallet and Robinhood. It received 275 billion Shiba Inu worth $7.6 million from Robinhood on May 28. The address has been procuring these tokens over the past month from Robinhood and Zero Hash, a platform that allows businesses to give their clients exposure to crypto payments via APIs.
Interestingly, the whale has also been offloading some of the Shiba Inu tokens systematically, having moved out 200.91 billion SHIB to two different wallets in the past two days. Due to this pattern of accumulation and distribution, it is difficult to ascertain if the address is an individual whale or one affiliated with Robinhood.
Similar Shiba Inu Fund Movements
Moreover, the timing of the recent transactions has caught the eye. Notably, this wallet remained dormant after receiving funds from Zero Hash five days ago. However, it reawakened on the back of Shiba Inu’s recent resurgence, which saw it spike 17% in three days.
Similar wallets have sprung up in recent times. The Crypto Basic revealed on May 2 that one such address amassed 1.75 trillion Shiba Inu tokens in multiple transactions from Robinhood. Before these movements, the address sent 3 trillion SHIB to Robinhood in a single transaction last month.
Meanwhile, despite the recent movements out of Robinhood, CryptoQuant data suggests that more SHIB tokens are flowing into exchanges. Notably, exchanges saw a positive netflow of 1.069 trillion SHIB yesterday. This trend coincided with the retracement from the $0.000029 high, with Shiba Inu now trading for $0.00002736.
