Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

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.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.