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Shiba Inu Whale Moves 3 Trillion SHIB to Robinhood, What to Expect?

Shiba Inu Whale Moves 3 Trillion SHIB to Robinhood, What to Expect?

  • An unknown whale transferred 3 trillion SHIB tokens, worth $75.9 million, to Robinhood.
  • The price of Shiba Inu has climbed over 11% in the past day.

Shiba Inu (SHIB), a meme-inspired cryptocurrency, has witnessed remarkable activity from whales, causing a stir among investors. In the early hours of May 16th, an unidentified whale made a significant move by transferring a staggering 3 trillion SHIB tokens, valued at approximately $75.9 million, from an undisclosed wallet to the popular trading platform Robinhood.

This whale transaction coincided with a significant 11% surge in SHIB’s price, from $0.00002319 to $0.00002575, prompting speculation among market participants about potential strategies at play. 

Following the massive influx of SHIB tokens into Robinhood, the cryptocurrency experienced slight sideways trading, as indicated by TradingView’s charts. This sideways movement underscored the substantial selling pressure exerted by the whale transaction, leading to uncertainties about SHIB’s short-term performance. However, the memecoin is still up by over 8% in the last 24 hours.

SHIB Shows Significant Activity

Despite the market turbulence, Shiba Inu managed to ignite bullish sentiments across the cryptocurrency landscape, supported by on-chain data indicating a robust market uptrend. Arkham Intelligence’s data revealed significant SHIB inflows and outflows across various exchanges. 

We’ve identified the transfer of 919 billion SHIB tokens into Coinbase’s hot wallet. Additionally, Bybit Exchange directed $1.17 billion to its hot wallet, while OKX’s hot wallet facilitated over $8.45 billion in transfers to jump trading within the past hour.

Shiba Inu (SHIB) Burn Rate (Source: Shibburn)

However, amidst the heightened activity, the SHIB burn rate surged by over 306% in the last 24 hours, with a staggering 9,651,208 SHIB tokens burned within a single day. Despite this, Shiba Inu’s price held relatively steady at $0.00002543, with a market cap of $14.9 billion. Additionally, the daily trading volume of SHIB witnessed a significant increase of over 43% in the past 24 hours, reaching $1.23 billion.

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