American cryptocurrency trading platforms Coinbase and Robinhood facilitated the movement of 9.6 trillion Shiba Inu tokens within a 24-hour period as SHIB retests $0.000022 amidst the recent market downturn.
Robinhood, in particular, transferred a significant amount of 600 billion SHIB tokens valued at $13.7 million to an undisclosed wallet address. This transaction sparked bullish sentiments among investors, initially believed to be an exchange outflow that could alleviate selling pressure and support market bulls. However, further investigation revealed that this movement was an internal fund transfer within Robinhood, with the recipient wallet actually belonging to the platform itself, now holding 3.4 trillion SHIB tokens worth $78.2 million.
On the other hand, Coinbase also made notable SHIB movements, highlighted by crypto surveillance resource Arkham Intelligence. The exchange received an inflow of 5.55 trillion Shiba Inu tokens amounting to $126.6 million in a single transaction to a Coinbase hot wallet. Additionally, Coinbase transferred between 417 billion and 468 billion SHIB tokens across eight transactions to various unknown addresses before consolidating them into a wallet labeled “Coinbase 10,” which now holds 4.5 trillion SHIB tokens worth $102.8 million.
Overall, the combined whale transactions by Robinhood and Coinbase accounted for 9.6 trillion SHIB tokens, representing 1.62% of Shiba Inu’s circulating supply and valued at $215.7 million. This surge in movement occurred amidst a market downturn, with Bitcoin dropping 2.5% and causing SHIB to decline by 3.27% to $0.00002247.
It is essential to note that this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.
