1.75 Trillion SHIB Moves From Robinhood, What’s Happening?

Shiba Inu News: Whale tracker Whale Alert recorded two trades on Thursday that moved 1.75 trillion Shiba Inu (SHIB) tokens from Robinhood. Additionally, Shiba Inu prices have risen over 6% in the past 24 hours as whales have started accumulating, while the 1.75 trillion SHIB transfer sparked buzz in the community and renewed bullish sentiment.

Shiba Inu Whale bought 1.75 trillion SHIB?

a wallet address withdrew a total of SHIB 1.75 trillion in two transactions of SHIB 875 billion worth $19 million each on May 2nd. The massive movement of Shiba Inu tokens from Robinhood to a single wallet address has sparked speculation of a recovery in SHIB prices after the recent decline.

The large transaction occurred from Robinhood to wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. Ether scan data revealed that the wallet had previously moved SHIB to and from Robinhood.

Before the latest 1.75 trillion transfer, the wallet had moved 3 trillion SHIB to Robinhood 8 days ago and 4 trillion SHIB 13 days ago. So it could be Robinhood or a market maker’s internal wallet. He denied that the tokens in the wallet belonged to Robinhood.

Further data has come to light, with on-chain analysts previously reporting wallet addresses for large token movements and claiming that the wallets belonged to market maker Jump Trading. This wallet contains his 246 crypto assets worth $449 million. SHIB is his second largest holding. This wallet stores over 5 trillion of his SHIB tokens worth $129 million.

Also read: Ripple vs. SEC: XRP ignores crypto market selloff ahead of key filing date

SHIB price increases by 6%

SHIB price has increased by 6% in the past 24 hours and is currently trading at $0.00002214. The 24-hour low and high prices are $0.00002071 and $0.00002300, respectively. Additionally, trading volume has decreased slightly over the past 24 hours.

SHIB futures open interest (OI) rose 3% in the past 24 hours, indicating increased interest in the derivatives market. Binance’s 1000SHIB futures OI also rose 2%, continuing the buying trend over the past few hours.

However, SHIB price has been trading below the downtrend line since March. If the price fails to recover at current levels, a reversal may occur.

Also read: The 23rd edition of Shiba Inu Magazine has been published. Learn everything about Shibarium hard fork

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