Shiba Inu Tokens Worth $39.9 Million Moved from Robinhood
According to Whale Alert, 2.2 trillion SHIB tokens, valued at $39.9 million, were transferred from Robinhood to an unknown wallet. The recipient’s wallet holds 1.3 million Ethereum (ETH), worth approximately $4.79 billion. The sender’s wallet had a balance of 96,161 ether, worth nearly $338 million.
Possible Scenarios
The owner of the wallet is unknown, but it’s possible that:
– Robinhood, one of the largest SHIB holders (36.745 trillion tokens, valued at over $300 million), is moving its holdings within its own wallets.
– A SHIB whale is moving assets away from the exchange for long-term holding.
Market Analysis
Relocating assets away from exchanges is considered bullish, as it reduces selling pressure. However, SHIB has experienced a significant price decline, falling below $0.000018 for the first time since March. The price correction may be due to Bitcoin’s decline below $64,000, leading to a lack of fresh capital and BTC miners selling their holdings. For SHIB to recover, the larger market, led by BTC, needs to rebound.
