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.
3,023,255,579,400 #SHIB (49,933,096 USD) transferred from unknown wallet to unknown wallethttps://t.co/3D24M928iEFollowing this massive transfer, SHIB outpaced many leading cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), in terms of price performance.— Whale Alert (@whale_alert) March 1, 2024
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.
The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?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.1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
https://t.co/qknAUOYg82
2. #MakerDAO… pic.twitter.com/qwXzW28r1N
— Spot On Chain (@spotonchain) March 2, 2024
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
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