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Shiba Inu Soars 70% As Whale Moves 3 Trillion Tokens To Wallet Named After Robinhood

Published 02/03/2024, 14:09
Updated 02/03/2024, 15:10
© Reuters.  Shiba Inu Soars 70% As Whale Moves 3 Trillion Tokens To Wallet Named After Robinhood

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

A whopping 3 trillion Shiba Inu (CRYPTO: SHIB) tokens, valued at approximately $50 million, were recently transferred to a wallet named after the popular trading platform Robinhood.

This transaction comes amid a remarkable surge in SHIB's value, witnessing a 70% increase in just 24 hours.

The transaction was detected by Whale Alert, which reported on X on Friday about the transfer of 3,023,255,579,400 SHIB tokens from an unidentified wallet directly to "Robinhood's" address.

Following this massive transfer, SHIB outpaced many leading cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), in terms of price performance.

The SHIB even surpassed Dogecoin (CRYPTO: DOGE), climbing to the 11th position in the global market capitalization rankings, boasting a valuation of over $12.8 billion.

Also Read: Crypto Analyst Warns About Dogecoin, Shiba Inu Amid Uneasy Market: Not An 'Interesting Buy'

At the time of writing, SHIB's price has increased by 62.62% over the past day, reaching $0.00002158. This surge positions the meme coin for its best weekly close since October 2021, marking an impressive 129% increase, according to CoinMarketCap data.

According to analysts, SHIB's price explosion to several key on-chain activities was observed days before the rally.

According to Spot On Chain, one notable transaction involved a "smart trader" purchasing 75.91 billion SHIB from Binance, resulting in over $614,000 in profit.

MakerDAO co-founder Rune reportedly made his first SHIB purchase with 100,000 USDC, gaining around $47.1 billion. Moreover, an Upbit-named wallet amassed 2.13 trillion SHIB, now valued at $42.3 million, further fueling the token's ascent.

As the cryptocurrency community buzzes with excitement over SHIB's unexpected rally, market watchers are closely monitoring "Robinhood's" next moves, speculating on the impact this significant acquisition could have on SHIB's future market performance.

Now Read: Dogecoin Founder Billy Markus Reveals His Number One Rule For Crypto Along With His Favorite Tokens

Photo: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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