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HomeCrypto NewsMarketTop Investor Procures 445,868,091,840 Shiba Inu from Robinhood

Top Investor Procures 445,868,091,840 Shiba Inu from Robinhood

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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.

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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.

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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.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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