Robinhood Moves a Whooping 2.7 Trillion Shiba Inu as SHIB Prepares for a Comeback
Robinhood recently moved a substantial amount of 2.7 trillion Shiba Inu tokens between its wallets as SHIB is undergoing a recovery phase. The transfer was notified by the crypto whale tracking service Whale Alert. The funds were moved from a Robinhood wallet to an undisclosed address, sparking positive reactions from market participants expecting reduced selling pressure.
Although typically investors move their assets out of exchanges when they intend to hold onto them, indicating bullish sentiments, data from Etherscan confirmed that this was not an exchange withdrawal. The large transfer took place between two Robinhood wallets, moving assets worth $48.3 million at the time.
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The receiving address, which is Robinhood’s cold wallet, now holds 36.6 trillion SHIB ($652.7 million), representing 6.2% of Shiba Inu’s circulating supply. This makes it the second-largest Shiba Inu holder, just behind the Binance cold wallet.
The sending address, currently holding 5.2 trillion SHIB, is the 11th largest Shiba Inu holder. Robinhood holds more SHIB tokens than any other platform besides Binance and has been shuffling these tokens on occasion.
Additionally, Shiba Inu, currently trading at $0.00001780, is aiming to surpass the $0.00002101 resistance level. The RSI indicator is around the neutral 50 mark, suggesting a lack of strong momentum in either direction, but bouncing from oversold conditions, which could support a bullish case.
Shiba Inu recently broke out of a descending trendline, indicating a potential change in market sentiment. If SHIB manages to sustain a break above $0.00002101, it could pave the way for further gains toward the $0.00002298 and $0.00002579 levels.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
