1.75 Trillion SHIB Moves From Robinhood, What’s Happening?

Shiba Inu News: Whale tracker Whale Alert on Thursday recorded two transactions moving 1.75 trillion Shiba Inu (SHIB) tokens from Robinhood. Moreover, Shiba Inu price has increased over 6% over the last 24 hours as whales started accumulating, but 1.75 trillion SHIB transfer sparked buzz in the community renewing bullish sentiment.

Shiba Inu Whale Purchased 1.75 Trillion SHIB?

A wallet address withdrew a total of 1.75 trillion SHIB in two transactions of 875,000,000,000 SHIB worth $19 million each on May 2. The massive movement of Shiba Inu tokens from Robinhood to a single wallet address raised speculation of recovery in SHIB price after the recent drop.

The massive transactions happened from Robinhood to the wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. Etherscan data revealed the wallet has moved SHIB to and from Robinhood before as well.

Before the latest 1.75 trillion transfer, the wallet had moved 3 trillion SHIB 8 days ago and 4 trillion SHIB 13 days ago to Robinhood. Thus, it could be an internal wallet of Robinhood or a market maker. The tokens in the wallet has turned down the possibility of it belonging to Robinhood.

Further data revealed, on-chain analysts had reported the wallet address earlier for large token movements and claimed the wallet belongs to market maker Jump Trading. This wallet has 246 different crypto assets worth $449 million. SHIB is the second-largest holding. The wallet holds over 5 trillion SHIB tokens worth $129 million.

Also Read: Ripple Vs. SEC: XRP Defies Crypto Market Selloff Ahead Key Filing Date

SHIB Price Soars 6%

SHIB price jumped 6% in the past 24 hours, with the price currently trading at $0.00002214. The 24-hour low and high are $0.00002071 and $0.00002300, respectively. Furthermore, the trading volume has decreased slightly in the last 24 hours.

The SHIB futures open interest (OI) climbed 3% in the last 24 hours, indicating a rise in interest in the derivatives market. 1000SHIB futures OI on Binance also jumped 2% higher, with the buying activity continuing in the last few hours.

However, SHIB price has been trading below the descending trendline since March. If the price fails to bring a recovery at the current level, a reversal can occur.

Also Read: Shiba Inu Magazine’s 23rd Edition Is Out, Know All About Shibarium Hard Fork

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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