Major American cryptocurrency exchanges, Robinhood and Coinbase, have been busy shuffling a staggering 9.6 trillion Shiba Inu (SHIB) tokens in the past 24 hours, according to on-chain data trackers. This significant movement comes as the meme coin grapples with a price decline alongside a broader market downturn.
Whale Alert, a popular blockchain analytics platform, first highlighted Robinhood’s activity, which involved transferring 600 billion SHIB (worth roughly $13.7 million) to an undisclosed wallet. This initially sparked excitement among some investors, interpreting it as a potential exchange outflow – a development often seen as bullish as it reduces selling pressure.
However, further investigation revealed that the recipient wallet, while initially labeled “unknown,” actually belonged to Robinhood itself. This internal transfer consolidated a significant portion of SHIB holdings within the platform, with the receiving wallet now boasting 3.4 trillion SHIB, valued at approximately $78.2 million.
Coinbase also made its mark on the coin scene with a series of transfers identified by Arkham Intelligence, another crypto intelligence firm. The most substantial transaction involved a 5.55 trillion SHIB influx (around $126.6 million) to a Coinbase hot wallet. Additionally, Coinbase executed eight separate transfers ranging from 417 billion to 468 billion SHIB each, moving the tokens between unknown addresses and a wallet labeled “Coinbase 10” – all within a three-hour window.
This pattern with “Coinbase 10” suggests its potential use for facilitating customer withdrawals. The wallet consistently sends coin out to non-Coinbase affiliated addresses.
Combined, the Robinhood and Coinbase transactions amount to a whopping 9.6 trillion SHIB, representing a noteworthy 1.62% of the total circulating supply. This movement stands out as one of the largest 24-hour surges of SHIB activity in recent memory.
Also Read: Shiba Inu Shocks: Meme Coin Leader Or Ethereum/Solana Rival?
It’s important to note that this significant shuffling coincides with a period of market weakness. Bitcoin (BTC), the leading cryptocurrency, experienced a 2.5% overnight drop, falling below the $68,000 mark and dragging the rest of the market down with it. SHIB is currently trading at $0.00002247, reflecting a 3.27% decline from the previous support level of $0.000023.
The reasons behind these large SHIB movements by Robinhood and Coinbase remain unclear. However, they highlight the ongoing activity within major exchanges despite the current market slump. Whether these internal shuffles foreshadow future price movements for SHIB remains to be seen.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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