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1.75 Trillion SHIB Leaves Robinhood – Impact Analyzed

1.75 Trillion SHIB Leaves Robinhood – Impact Analyzed

Shiba Inu News: On Thursday, the whale tracker Whale Alert from Robinhood recorded two transactions totalling 1.75 trillion Shiba Inu (SHIB) tokens. Furthermore, as whales began to accumulate, the price of Shiba Inus has risen by more than 6% over the past 24 hours; nonetheless, the 1.75 trillion SHIB transfer has generated excitement in the community and renewed optimism. 

Shiba Inu Whale Purchased 1.75 Trillion SHIB?

On May 2, a wallet address withdrew 1.75 trillion SHIB in two transactions totaling 875,000,000,000 SHIB, each worth $19 million. Shiba Inu coins were transferred in large quantities from Robinhood to a single wallet address, which sparked hopes for a bounce back in the price of SHIB following its recent decline. 

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The massive transfers occurred from Robinhood to the wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. Etherscan data revealed that the wallet had also moved SHIB to and from Robinhood before. 

The wallet transferred 3 trillion SHIB to Robinhood 8 days ago and 4 trillion SHIB 13 days ago, before the most recent 1.75 trillion transfer. Thus, it might be Robinhood’s internal wallet or a market maker’s. The tokens in the wallet have turned down the prospect of it belonging to Robinhood. 

Further data revealed that on-chain analysts had reported the wallet address earlier for large token movements and claimed the wallet belonged to market maker Jump Trading. This wallet has 246 distinct crypto assets worth $449 million. The second-largest holding is SHIB, which the wallet holds over 5 trillion SHIB tokens worth $129 million. 

SHIB Price Increases by 6% 

On the last day, the price of SHIB increased by 6%, now trading at $0.00002214. $0.00002071 is the 24-hour low, and $0.00002300 is the 24-hour high. Furthermore, the trading volume has decreased slightly in the last 24 hours. 

The SHIB futures open interest (OI) gained 3% in the last 24 hours, indicating a spike in interest in the derivatives market. 1000SHIB futures OI on Binance also rose 2% higher, with the purchasing action continuing in the last few hours. 

However, since March, SHIB’s price has been trading below the declining trendline. A reversal may occur if the price cannot recover at its current level.  

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