According to Whale Alert, 2.2 trillion Shiba Inu (SHIB) tokens, worth $39.9 million, were moved from Robinhood to an unknown wallet. The recipient’s wallet holds 1.3 million Ethereum (ETH), worth around $4.79 billion. The sender’s wallet had a balance of 96,161 ether, worth nearly $338 million.
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It is unclear who the wallet owner is. Robinhood is one of the largest SHIB holders out there, possessing about 36.745 trillion tokens, valued at over $300 million. It is possible that the exchange is moving its holdings within its own wallets. It is also possible that a SHIB whale is moving assets away from the exchange to hold for the long term.
Will Shiba Inu pick up steam?
Relocating assets away from exchanges is regarded as bullish since it lessens the market’s pressure to sell. Moving assets to an exchange suggests that the owner might choose to sell them.
Shiba Inu (SHIB) has undergone a significant price decline over the last few days, falling below $0.000018 for the first time since March. SHIB is down 3.6% in the daily charts, 17.5% in the weekly charts, and over 30% in the previous month. The latest price correction could be due to Bitcoin (BTC) falling below $64,000. BTC miners have been selling their holdings as the price of mining one BTC surpassed the $86,000 level. The lack of fresh capital has also negatively affected the market.
Also Read: Shiba Inu On a Path of Recovery: Could Soon Hit $0.0001, Analyst
Shiba Inu (SHIB) may reverse its trend, but the larger market has to rebound as well. BTC is the market leader and other assets are following its trajectory. Until BTC recovers, other assets will likely continue to in their current state.
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