Robinhood just shuffled precisely 3 trillion (3,000,000,000,000) Shiba Inu tokens in a single transaction amid SHIB’s struggles to recover the $0.000028 territory.
Whale Alert, a prominent whale-tracking platform, called the public’s attention to the fund movement, which represents the single largest Shiba Inu transaction over the past 24 hours and the second-largest single transaction in the last week.
At the time of disclosure, the tokens were valued at $79.94 million, suggesting that Shiba Inu changed hands at $0.000026649. Notably, Whale Alert’s report indicates that the sending and receiving addresses are unknown, sparking speculation.
🚨 🚨 🚨 🚨 3,000,000,000,000 #SHIB (79,947,000 USD) transferred from unknown wallet to unknown wallethttps://t.co/V8B7aaSbae
— Whale Alert (@whale_alert) April 24, 2024
Internal Robinhood Movement
Consequently, the market has been divided, with participants oscillating between bullish and bearish reactions due to the lack of clarity in the disclosure. It remains uncertain whether the transfer saw the movement of funds into an exchange for potential sell-offs or withdrawal for long-term storage.
However, a brief on-chain scrutiny carried out by The Crypto Basic suggests that the recipient wallet belongs to the leading online trading platform, Robinhood. Interestingly, the sending address also has an affiliation with Robinhood, indicating that the movement was neither a deposit nor a withdrawal from the exchange.
Instead, it involved a routine internal fund movement from the platform. An exchange such as Robinhood may shuffle funds between its internal wallets to enhance security or optimize asset management to handle liquidity better and segregate customer deposits from operational funds.
Exchanges Continue to Shuffle Shiba Inu
These actions are standard practice for operational efficiency and have no observable impact on the market. Crypto Basic reported a similar movement from leading crypto exchange Crypto.com earlier this month, involving 692.4 billion SHIB. Another involved a 323 billion SHIB movement from Coinbase in February.
On-chain data confirms that the sending address in the latest Robinhood transaction has moved 6 trillion Shiba Inu, currently worth $163.68 million over the past five days. The address previously transferred 4 trillion SHIB in two equal tranches to another Robinhood wallet on April 19. It now holds 4.13 trillion SHIB worth $112.46 million.
Interestingly, Arkham Intelligence has also indexed multiple whale movements involving exchanges in the last 24 hours, with Binance moving 1.04 trillion SHIB in two transactions, Coinbase transferring 423 billion SHIB, and Crypto.com shuffling 146 billion tokens within this timeframe.
Shiba Inu Exchange Movements | Arkham Intelligence
Meanwhile, Shiba Inu has continued to meet resistance on the journey to reclaim the $0.000028 threshold. The Crypto Basic disclosed yesterday that SHIB had broken above its multi-week symmetrical triangle. At press time, Shiba Inu has retained this breakout but continues to consolidate due to lack of strength.