Robinhood Transfers 3 Trillion Shiba Inu Coins as SHIB Rebounds Above $0.000025

Robinhood recently made a significant transfer of 3 trillion Shiba Inu (SHIB) tokens as the price of SHIB rises above the coveted $0.000025 level after a ten-day drought.
In recent times, there have been several movements of large amounts of SHIB tokens, known as whale movements, as the market looks to recover from the latest correction. These movements involve transfers in and out of exchanges, as well as internal shuffles carried out by trading platforms for various financial reasons.
One such movement caught the attention of Whale Alert, a well-known whale-tracking resource. According to their report, an undisclosed wallet transferred 3 trillion SHIB tokens, valued at $74.7 million at the time, to a wallet belonging to Robinhood, an American trading platform.
This transfer garnered attention due to the substantial value involved and the perception that it could be an inflow to an exchange. Typically, investors move large amounts of tokens to exchanges when they intend to sell them, which can contribute to bearish sentiments in the market.
Speculation has already arisen regarding the intentions of the whale involved in this transfer, with some suggesting they may be looking to sell their SHIB tokens in order to acquire GameStop (GME) tokens. This speculation stems from the fact that GME, a meme coin based on the Solana blockchain, experienced a massive 3,900% surge in just two days following the rally of the original GameStop stock.
Interestingly, the speculation about a potential dump of the 3 trillion SHIB tokens was based on a lack of information. Upon closer inspection, it was revealed that the transaction was actually an internal shuffle carried out by Robinhood, not an inflow from an external source.
On-chain data confirms that the sending address, initially labeled as unknown by Whale Alert, actually belongs to Robinhood and is tagged as “Robinhood 6”. This address had held onto the tokens since receiving them from “Robinhood 2” two weeks prior. After the recent transfer, the address now holds 2.8 trillion SHIB tokens, worth $72 million.
It is worth noting that both addresses have been involved in significant SHIB token shuffling for over a month. The Crypto Basic has previously reported on one of these movements, which also involved a transfer of 3 trillion SHIB tokens last month. Robinhood has been actively expanding its support for Shiba Inu, even making it available in New York in April.
Shiba Inu constitutes a significant portion of Robinhood’s cryptocurrency holdings. One of the platform’s cold addresses is the fourth-largest holder of SHIB tokens, with a balance of 31.7 trillion tokens, worth $796 million. This balance represents 3.18% of the total circulating supply of SHIB tokens.
The recent movement of funds comes as Shiba Inu attempts to recover from the losses incurred during the previous correction. After plummeting to a low of $0.00002057, SHIB has managed to bounce back and is now trading at $0.00002541.
In its current state, SHIB is aiming to solidify its breakout from a multi-week symmetrical triangle pattern that has plagued it since March 5. To achieve this, SHIB needs to establish support at the $0.00002479 level, which aligns with the Fibonacci 0.236 level. If successful, a push towards $0.00002875 could greatly enhance SHIB’s chances of reaching the $0.00003 mark.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.