• 15 June, 2024
News

Coinbase and Robinhood Move 9.6 Trillion Shiba Inu Amid Market Crash

American trading platforms Coinbase and Robinhood moved a combined total of 9.6 trillion Shiba Inu (SHIB) tokens in the past 24 hours. On-chain analytics system Whale Alert recently highlighted a substantial transaction by Robinhood, noting the transfer of 600 billion SHIB, valued at $13.7 million at the time of the move. 

The sheer volume of this transaction attracted considerable attention from the crypto community. Initial reactions were bullish, as market participants speculated that the transfer indicated an exchange outflow, potentially reducing selling pressure and strengthening bullish trends during the market downturn.

However, further scrutiny revealed that the transaction was an internal fund shuffling by Robinhood. The recipient wallet, initially labeled as unknown by Whale Alert, was later identified as belonging to the American trading platform. This wallet now holds 3.4 trillion SHIB, equivalent to $78.2 million, making it Robinhood’s second-largest holding.

Meanwhile, crypto surveillance resource Arkham Intelligence reported multiple significant SHIB transactions by Coinbase within the same 24-hour period. 

The most notable of these involved an inflow of 5.55 trillion Shiba Inu, valued at $126.6 million, into a Coinbase hot wallet. This transaction underscores the large-scale movement of SHIB by major exchanges amid volatile market conditions.

Dogecoin Whale Activity Surges with Over 150 Million-Dollar Transactions Amid Price Drop

The coordinated large transactions by these prominent platforms coincide with a period of market instability, as the price of Shiba Inu (SHIB) stands at $0.00002226. The price marks a -3.58% decline in the last 24 hours and a -6.55% drop over the past week. With a circulating supply of 590 trillion SHIB, the market cap and 24-hour trading volume of Shiba Inu currently stands at $13.1 billion and $557.8 million, respectively.

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