Robinhood shuffled a staggering 3 trillion Shiba Inu (SHIB) tokens after the price of the cryptocurrency rebounded into the long-awaited territory above $0.000025.
The Shiba Inu has witnessed a series of large fund flows recently, especially as the market attempts to recover losses from the recent correction. Some of these large flows involve money flowing in and out of exchanges, while some are simply shuffles performed by trading platforms for financial reasons.
Robin Hood Moves 3 Trillion Shiba Inu
Prominent whale tracking resource Whale Alert drew attention to the situation in a post today. According to the disclosure, an unknown wallet transferred 3 trillion SHIB worth $74.7 million to a wallet on the US trading platform Robinhood.
The transfer attracted attention, not least due to the huge value involved and the view that exchanges were involved in the inflow. To understand it better, when investors intend to liquidate a large amount of tokens on these platforms, they move a large amount of tokens to exchanges. Hence, such inflows contribute to the bearish sentiment.
Commentary has emerged around these sentiments, with some speculators suggesting that the whale involved may be selling his Shiba Inu tokens to buy some GameStop (GME) tokens. Recall that the Solana-based memecoin GME surged 3,900% in two days following the rally in the original GameStop stock.
Interestingly, these speculations about the possible sell-off of 3 trillion SHIB tokens are fueled by the scarcity of information. A closer look at the transfer suggests that the transaction was actually a shuffle within Robinhood rather than an inflow of funds.
On-chain data confirms that although Whale Alert calls it an unknown address, the sending address actually belongs to Robinhood and is labeled "Robinhood 6". This address has held onto the tokens since receiving them from Robinhood 2 two weeks ago. According to the latest movement, the address now holds 2.8 trillion SHIB worth $72 million.
It is worth noting that these two addresses have shuffled a large amount of SHIB in the past month. Crypto Basic reported on some of these flows, one of which involved 3 trillion SHIB. Robinhood also continues to expand its support for Shiba Inu, making it available to New York in April.
Shiba Inu make up a large portion of Robinhood’s cryptocurrency holdings. The platform’s cold wallet address is the fourth-largest SHIB holder, with a balance of 3.17 trillion tokens worth $796 million. This balance represents 3.18% of SHIB’s circulating supply.
Shiba Inu recovers to $0.000025
The latest fund movement comes as Shiba Inu attempts to recover losses from a previous correction. During this correction, the Shiba Inu price dropped to a low of $0.00002057. However, it has risen from this level and it is now trading at $0.00002541.
SHIB is now looking to consolidate its breakout from the multi-week symmetrical triangle that has plagued it since March 5. For this to happen, the Shiba Inu would need to flip the $0.00002479 level, which coincides with the Fibonacci 0.236, into support. A push towards $0.00002875 might strengthen the Shiba Inu’s chances of eventually reaching $0.00003.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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