In the past 24 hours, American trading platforms Coinbase and Robinhood have been busy moving a significant amount of Shiba Inu tokens. Robinhood transferred a whopping 600 billion SHIB worth $13.7 million to an unknown wallet address, sparking interest among market participants. However, it was later revealed that this movement was actually an in-house fund shuffling by Robinhood, with the recipient wallet belonging to the platform itself, now holding 3.4 trillion SHIB worth $78.2 million.
On the other hand, Coinbase made multiple SHIB movements, with the largest transaction involving an inflow of 5.55 trillion Shiba Inu tokens valued at $126.6 million to a Coinbase hot wallet. Additionally, Coinbase transferred between 417 billion and 468 billion SHIB tokens to different wallets across eight transactions within a span of 3 hours. Coinbase 10, the recipient wallet, now holds 4.5 trillion SHIB worth $102.8 million, and it has been consistently moving out tokens to addresses unrelated to Coinbase.
Combining the movements by Robinhood and Coinbase, a total of 9.6 trillion SHIB tokens were transferred in the last 24 hours, accounting for 1.62% of the Shiba Inu circulating supply. These tokens are currently valued at $215.7 million, making it one of the largest 24-hour clusters of movements recently. At the same time, Shiba Inu is facing a market downturn, with Bitcoin dropping 2.5% overnight and SHIB falling 3.27% below the $0.000023 support to trade at $0.00002247.
Overall, the significant movements of Shiba Inu tokens by Robinhood and Coinbase have not only caught the attention of market participants but have also shed light on the platforms’ internal fund shuffling practices. While these transactions may have triggered bullish sentiments among some investors, the market turbulence and the overall downtrend in the crypto market have put pressure on SHIB’s price, causing it to retest the $0.000022 level. It will be interesting to see how these whale movements and market dynamics continue to impact Shiba Inu’s price and the broader cryptocurrency market in the coming days.
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