Robinhood, a prominent American trading platform, has moved a staggering 3 trillion Shiba Inu (SHIB) tokens. This movement comes as SHIB prices recover above the crucial $0.000025 level after many days.
Shiba Inu has been the subject of numerous whale movements in recent times, particularly as the market looks to recoup the losses from the latest correction. These whale movements involve both inflows and outflows from exchanges, as well as internal shuffles carried out by trading platforms for financial reasons.
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Robinhood’s 3 Trillion SHIB Movement
Whale Alert, a well-known whale-tracking resource, brought attention to one of these large transactions in a recent post. According to the disclosure, an unidentified wallet moved 3 trillion Shiba Inu, valued at $74.7 million at the time, to a wallet belonging to Robinhood.
The substantial value involved in the transaction and the perception that it involved an exchange inflow initially raised concerns among some market participants. Typically, investors move large amounts of tokens to exchanges when they intend to liquidate them, which can contribute to bearish sentiments.
Speculations surrounding the movement quickly emerged, with some suggesting that the whale involved might be looking to sell off their Shiba Inu tokens to acquire GameStop (GME) tokens.
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An In-House Shuffle, Not an Inflow
However, upon closer examination of the transaction, it became evident that the movement was, in fact, an in-house shuffle carried out by Robinhood, rather than an inflow from an external investor. On-chain data confirms that the sending address, initially labeled as unknown by Whale Alert, actually belongs to Robinhood, bearing the tag “Robinhood 6.”
This address had previously held the tokens after receiving them from another Robinhood address, “Robinhood 2,” two weeks prior.
Shiba Inu is trading at $0.00002563 as of press time, having experienced a 7.5% increase in the past 24 hours. The 24-hour trading range for SHIB is between $0.00002362 and $0.00002576, indicating a positive market sentiment.