Robinhood mobilizes 3,000,000,000,000 Shiba Inu coins in a single transaction

As Shiba Inu struggles to recover $0.000028 territory, Robinhood has moved exactly 3 trillion (3,000,000,000,000) Shiba Inu tokens in a single transaction.
The well-known whale tracking platform Whale Alert caught the public's attention with the funds movement being the largest Shiba Inu transaction in the past 24 hours and the second largest single transaction in the past week.
At the time of disclosure, the tokens were worth $79.94 million, indicating that Shiba Inu was trading at $0.000026649. It is worth noting that Whale Alert’s report showed that both the sending and receiving addresses were unknown, which sparked speculation.
Internal Robinhood Fund Transfers
As a result, the market is divided, with participants oscillating between bullish and bearish amid unclear disclosures. It is unclear whether the transfer moved the funds to an exchange for potential selling or was withdrawn for long-term storage.
However, a brief on-chain review conducted by The Crypto Basic revealed that the receiving wallet belonged to leading online trading platform Robinhood. Interestingly, the sending address is also associated with Robinhood, indicating that the movement was neither a deposit nor a withdrawal from the exchange.
Instead, it was a routine internal transfer of funds from the platform. An exchange like Robinhood might move funds between its internal wallets to enhance security or optimize asset management to better handle liquidity and separate customer deposits from operating funds.
Exchange continues to transfer Shiba Inu
These actions are intended to improve operational efficiency and have no discernible impact on the market. Crypto Basic reported earlier this month on a similar transfer by leading cryptocurrency exchange Crypto.com involving 692.4 billion SHIB. Another is that Coinbase transferred 323 billion SHIB in February.
On-chain data confirms that the sending address in the latest Robinhood transaction has transferred 6 trillion Shiba Inu in the past five days, currently worth $163.68 million. The address transferred 4 trillion SHIB in two equal parts to another Robinhood wallet on April 19. It now holds 4.13 trillion SHIB worth $112.46 million.
Interestingly, Arkham Intelligence also indexed multiple whale movements involving exchanges in the past 24 hours, with Binance moving 1.04 trillion SHIB in two transactions, Coinbase moving 423 billion SHIB, and Crypto.com moving 146 billion tokens within the period.
Meanwhile, Shiba Inu continues to encounter resistance as it attempts to reclaim the $0.000028 threshold. Crypto Basic revealed yesterday that SHIB has broken out of its multi-week symmetrical triangle. As of now, the Shiba Inu has maintained this breakout but continues to finish due to lack of strength.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.