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Shiba Inu: Coinbase and Robinhood Move 9.6 Trillion SHIB

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SHIB Mainstream Appeal Increases with New Payment Options

American trading platforms Coinbase and Robinhood have moved 9.6 trillion Shiba Inu (SHIB) within 24 hours, coinciding with SHIB’s retest of the $0.000022 price point amidst a market crash.

Robinhood Transfers 600 Billion Shiba Inu

Whale Alert, an on-chain tracking and analytics system, highlighted Robinhood’s significant movement of 600 billion SHIB worth $13.7 million to an unknown wallet address. This transaction, initially believed to involve exchange outflows, sparked bullish sentiments among market participants. They assumed it would reduce selling pressure and bolster the bulls during a downtrend.

However, subsequent investigations confirmed that Robinhood conducted an internal fund shuffle. The recipient wallet, although labeled unknown by Whale Alert, actually belongs to Robinhood. This wallet now holds 3.4 trillion SHIB valued at $78.2 million, making it Robinhood’s second-largest holding.

Related article: Shiba Inu Hints at ETF Ambitions, Targets BlackRock

Coinbase Moves 9 Trillion Shiba Inu

In parallel, Arkham Intelligence, a crypto surveillance resource, reported multiple SHIB movements by Coinbase over the past 24 hours. The largest transaction saw an inflow of 5.55 trillion SHIB, valued at $126.6 million, into a Coinbase hot wallet. Moreover, Coinbase transferred between 417 billion and 468 billion SHIB tokens to various wallets across eight transactions. 

In each instance, Coinbase initially moved the funds to an unknown address before routing them to another wallet tagged “Coinbase 10.” All these transactions occurred within a span of three hours.

Related article: Shiba Inu’s Marketing Lead Urges Positivity and Resilience

Following these movements, the Coinbase 10 wallet now holds 4.5 trillion SHIB worth $102.8 million. This wallet has consistently moved SHIB tokens to addresses not affiliated with Coinbase, suggesting its use for fulfilling customer withdrawal requests. Collectively, the whale transactions by Robinhood and Coinbase over the last 24 hours amounted to 9.6 trillion SHIB, representing 1.62% of Shiba Inu’s circulating supply. These tokens are currently worth $215.7 million, marking one of the largest 24-hour clusters of movements recently.

These significant whale transactions occur as Shiba Inu experiences a slump amid broader market turbulence. Bitcoin (BTC) dropped 2.5% overnight, falling below the $68,000 mark and dragging down the rest of the market. Consequently, SHIB has decreased by 3.27%, falling below its $0.000023 support and now trading at $0.00002247.

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Singapore, Singapore, 23rd May 2024, Chainwire