The price of Shiba Inu (SHIB) has experienced a significant upward trend in recent days. Although this surge is largely attributed to the broader market’s resurgence and Bitcoin’s surge, it coincides with a noteworthy on-chain transaction involving a large quantity of SHIB tokens sent to Robinhood, the popular US-based investing platform.
On March 1, a transaction involving about 3.02 trillion SHIB, valued at $49.9 million at the time, was identified by Whale Alert (@whale_alert), a top crypto whale tracking account on X.
Read Also: Robinhood Becomes Shiba Inu Major Player With 14 Trillion SHIB New Addition
The tokens were transferred from an anonymous wallet to an address associated with Robinhood. This development has raised eyebrows within the Shiba Inu community about the identity of the whale who initiated this significant transfer.
🚨 🚨 3,023,255,579,400 #SHIB (49,933,096 USD) transferred from unknown wallet to unknown wallethttps://t.co/3D24M928iE
— Whale Alert (@whale_alert) March 1, 2024
Robinhood’s SHIB Holdings and the Mysterious Transaction
The transaction, which has continued the trend of massive SHIB whale activity accompanying price surges, occurred in the late hours of March 1. The sender remains unidentified, though the receiving address is linked to Robinhood.
Interestingly, despite the substantial transfer, Etherscan data shows that the sending address still holds a sizable amount of SHIB – approximately 6.86 trillion tokens, valued at $151.5 million at the time of writing. The wallet also holds large amounts of Chainlink (LINK), Compound (COMP), and Uniswap (UNI).
Robinhood’s involvement in this transaction is noteworthy due to its position as a significant holder of SHIB since listing the token in 2022. The platform further bolstered its holdings in January of this year, accumulating an additional 140 billion SHIB.
This acquisition brought Robinhood’s total SHIB holdings to a staggering 36.91 trillion tokens in January, solidifying SHIB as the third-largest crypto asset held by the investing platform.
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Read Also: Robinhood Grabs Hundreds of Billions of Shiba Inu (SHIB). Here’s the Significance
Shiba Inu’s Meteoric Rise and Market Position
As earlier stated, the surge in SHIB’s price coincides with the large token transfer. The meme coin has witnessed a remarkable 129.49% increase in value over the past week, currently trading at $0.00002152.
Most of these gains came over the past 24 hours, bringing SHIB to a monthly increase of 144%. The digital token’s 24-hour trading volume has also skyrocketed 210.83% and currently sits at $6.3 billion.
Shiba Inu has also climbed the market cap rankings, going from #16 to #11 with a market cap of $13 billion. With predictions of an impending 2,168% surge, SHIB is near the top of the list of tokens to watch currently.
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