Shiba Inu Sinks As Whale Pockets 445,868,091,840 Tokens

On May 31, 2024

A notable transaction involving Shiba Inu [SHIB] has garnered significant attention within the crypto-verse. A whale acquired 445,868,091,840 SHIB tokens from a Robinhood wallet. This substantial purchase occurred during a broader market correction, emphasizing the persistent volatility and speculative interest in this meme-based cryptocurrency.

At press time, SHIB was experiencing a rejection at the $0.00003 price level, trading at $0.00002639. This represents a 4.91% daily drop in the past 24 hours. SHIB’s market capitalization is now approximately $15.47 billion, with its trading volume dropping by more than 38% to $1.49 billion.

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Impact on Shiba Inu Bulls

The market downturn has significantly impacted SHIB bulls. Data from CoinGlass revealed that long traders have faced major liquidations. This came up to a total of $1.7 million. In comparison, short traders recorded a smaller liquidation amount of $255,590. This difference highlights the increased risk and volatility associated with bullish positions in the current market environment.

Transaction Details

Amidst this, Whale Alert, a leading market tracking resource, first reported the significant movement of SHIB funds. The transaction involved exactly 445,868,091,840 SHIB tokens valued at around $12.171 million. The average price during the transfer was $0.00002729. The sending address is associated with Robinhood, a prominent trading platform offering commission-free services. The identity of the receiving address remains unknown, however, it now holds 527.3 billion SHIB. This is valued at $14.68 million at current prices.

The latest transaction is part of a larger trend of SHIB accumulation by the same address. On May 28, the address received 275 billion SHIB, worth $7.6 million, from Robinhood. Over the past month, the address has steadily acquired Shiba Inu tokens from both Robinhood and Zero Hash. This platform enables businesses to offer crypto payments through APIs. However, it should be noted that Whale has been systematically offloading SHIB tokens. In the last two days alone, the address has transferred 200.91 billion SHIB to two different wallets.

Also Read: Shiba Inu: How High Can SHIB Surge In June?

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