Shiba Inu: Robinhood & Coinbase Move 9.6 Trillion Tokens

Sahana Kiran
Shiba Inu
Source – Watcher Guru

Shiba Inu [SHIB] has made a mark for itself in the cryptocurrency market. The meme coin has caught the attention of the whales and has become a favorite. Coinbase and Robinhood, two leading American platforms have made significant moves in the SHIB market. Within a period of 24 hours, these platforms transferred a whopping 9.6 trillion SHIB. This further highlights the rising interest and activity in the Shiba Inu market.

Robinhood started off by transferring a notable 600 billion SHIB tokens to an undisclosed wallet. This was valued at $13.7 million. The transaction was brought to light by Whale Alert. While it was perceived to be an exchange outflow, it was later noted that it was an internal fund shuffling by Robinhood. Furthermore, the unidentified recipient’s wallet was none other than Robinhood itself.

Coinbase, on the other hand, carried out several Shiba Inu-related transactions within the same timeframe. The largest of these transactions saw an influx of 5.55 trillion SHIB into a Coinbase hot wallet. This was worth around $126.6 million. This wasn’t all. An additional 417 billion as well as 468 billion SHIB were transferred across eight transactions. These transfers were made into various wallets. One of them was labeled “Coinbase 10.” This wallet currently possesses a substantial quantity of SHIB.

Also Read: Will Shiba Inu Reach $0.01 If SHIB ETF is Approved?

Shiba Inu’s Price Struggles

Amidst these movements, SHIB has struggled to maintain its position above $0.000025. This has been a critical resistance level for the meme coin. At press time, Shiba Inu was trading at $0.00002227 with a slightly daily decline. Nevertheless, the asset’s bearish days could come to an end. Analysts like Mags maintain an optimistic outlook on SHIB’s future. The expert further predicts a potential surge in its price to a new all-time high of $0.00014 by September. Mags aligns with the actions of whales who continue to accumulate significant amounts of SHIB.

Also Read: Shiba Inu [SHIB] Mid-June 2024 Price Prediction