On June 10, 2024, cryptocurrency transaction tracker Whale Alert identified a significant transfer of Shiba Inu tokens on Robinhood, a US-based investing platform. What caught the attention of everyone was the quantity – over 600 billion SHIB, valued at roughly $13.7 million. This movement of funds to an anonymous wallet fueled speculation within the cryptocurrency community.
Whale Alert also detected two substantial Dogecoin (DOGE) transfers originating from Robinhood. These transactions involved 200 million DOGE and 126.7 million DOGE, totaling nearly 327 million DOGE with a combined value of over $47 million.
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Robinhood Shuffling, Not Transferring
While the initial reports suggested a mass exodus of SHIB and DOGE from Robinhood, further investigation revealed a different story. All three large meme coin transactions – the 600 billion SHIB and the two separate DOGE transfers – ultimately landed within other Robinhood wallets. This internal movement indicates that Robinhood was likely reshuffling its holdings of these meme cryptocurrencies rather than facilitating a transfer to external wallets.
SHIB Burning Efforts Intensify
Despite the price dip affecting SHIB, the community behind the token remains active in reducing its circulating supply. According to the Shibburn explorer, the SHIB burn rate has surged by an impressive 2,948%. This collective effort has resulted in over 7.9 million SHIB being sent to inactive blockchain addresses, effectively removing them from circulation.
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Shiba Inu (SHIB) Price Feels Market Chill
The broader cryptocurrency market experienced a downturn on June 10, 2024, and SHIB was not immune. The price of SHIB fell by approximately 5.98%, dropping to $0.0000219. This decline mirrored a similar movement in Bitcoin (BTC), the leading cryptocurrency, which shed nearly 4% in the same 24-hour period, falling below the $70,000 mark.
The large SHIB transfer from Robinhood sparked initial concerns about a potential withdrawal. However, a closer look revealed internal shuffling within the platform. While SHIB’s price dipped alongside the broader market, the community’s burning efforts continue at a significant pace. This ongoing activity suggests that SHIB holders remain committed to long-term value and this joint effort has the potential to reinforce SHIB’s enduring value.
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