Large Shiba Inu whales have moved nearly a trillion SHIB tokens in three transactions to a prominent trading platform as the crypto asset records a 9% drop in 24 hours.
In a recent post on X, market tracker Whale Alert called attention to one of the significant Shiba Inu transactions. The report disclosed that 461,631,206,896 (461.61 billion) Shiba Inu left the well-known market maker Wintermute on April 1, 07:54 UTC. The Shiba Inu tokens involved are currently worth $13.18 million.
🚨 461,631,206,896 #SHIB (13,175,185 USD) transferred from #Wintermute to unknown wallethttps://t.co/pFyvok2fOT
— Whale Alert (@whale_alert) April 1, 2024
Meanwhile, further scrutiny of on-chain data indicates that the destination is the U.S.-based trading platform Robinhood, renowned for its staggering holding of Shiba Inu. In particular, recent reports have hinted that Robinhood is the third most prominent entity holding Shiba Inu.
Robinhood Accumulates 946.17 Shiba Inu
Notably, Etherscan data shows that Robinhood received a more substantial 467,593,569,898 SHIB tokens 20 minutes earlier from an anonymous wallet before the 461 billion from Wintermute.
However, Whale Alert failed to index this larger transaction. Before the recent disclosure, the last Shiba Inu movement the tracking system captured involved 1.4 trillion SHIB moved to KuCoin.
Furthermore, data indicates that within the last 24 hours also, about 17 billion Shiba Inu left the trading platform Cumberland for Robinhood. Cumulatively, Robinhood has taken a store of 946,179,495,223 (946.17 billion) Shiba Inu tokens within the last 24 hours.
SHIB Price Declines
Notably, these transactions occurred while Shiba Inu battled the market’s bearish forces. Within the past day, Shiba Inu moved farther away from the $0.00003 threshold, sinking to a low of $0.00002671. Considering its highest price within the past day at $0.00002921, the asset has crashed by 9.35%.
This 24-hour trajectory has effectively wiped out its recent weekly gains. Five days ago, Shiba Inu soared to a high of $0.00003272 but failed to sustain the momentum after hitting a stern resistance point.
However, this bearish performance is not unique to Shiba Inu. The global crypto market is in a bleeding trend influenced by Bitcoin’s latest correction. The premier crypto asset has tanked to the $65K level from the recent high above $71K.