Shiba Inu Whale Accumulates Billions as Crypto Platforms Stock Up on SHIB
Data from blockchain tracker Whale Alert reveals a significant movement of Shiba Inu (SHIB) tokens on May 1st. A whopping 1.75 trillion SHIB, valued at over $39 million, exited the popular American exchange Robinhood and landed in an anonymous wallet (0x73af3bcf). This transaction follows another transfer of a similar amount (875 billion SHIB) just a minute prior, also originating from Robinhood and ending up in the same anonymous wallet.
Read Also: Shiba Inu Investors Eye Big Returns as Analyst Targets Remain Ambitious
🚨 875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E
— Whale Alert (@whale_alert) May 1, 2024
Wallet Shows Signs of Long-Term Shiba Inu Accumulation
Further analysis using Etherscan indicates the recipient wallet has been accumulating SHIB for weeks. The address shows inflows of various digital assets throughout April, including AERO, LIBRA, and LINK, from exchanges like Uniswap. Interestingly, before the recent influx from Robinhood, the same wallet sent 3 trillion SHIB back to the exchange on April 24th. This activity suggests a back-and-forth transfer pattern between the wallet and Robinhood.
Read Also: Shiba Inu Community Burns Over 1.6 Billion SHIB in April, But Burn Rate Drops Significantly
Whale Holds Onto Billions in SHIB Despite Market Dip
Despite sending a significant amount of SHIB to Robinhood, the anonymous wallet still holds a substantial amount of the meme coin. At the time of writing, the wallet retains over 5.88 trillion SHIB, valued at roughly $128 million. This pattern, coupled with the dominance of Robinhood in the wallet’s SHIB transactions, suggests a potential connection between the address and the exchange.
Other Market Players Join the SHIB Accumulation Spree
Whale Alert has also identified large SHIB transfers from trading platforms CryptoCom and Wintermute to anonymous wallets in April. These inflows totalled over 1.154 trillion SHIB within the last month. Notably, this accumulation trend persists despite SHIB experiencing a price drop of over 20% in the past month. As of now, SHIB trades at $0.00002182 with minimal gains in the last 24 hours.
The recent activities of this whale and other major players suggest a continued interest in Shiba Inu despite the current market slump. While the reasons behind these accumulations remain unknown, they highlight the potential for future price movements for SHIB.
Follow us on Twitter, Facebook, Telegram, and Google News
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
