461 Billion SHIB Moved to Robinhood Address, What’s Happening?

Tue, 2/04/2024 – 11:12

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According to on-chain data, a colossal sum of 461 billion Shiba Inu (SHIB) tokens was transferred from Wintermute, a leading algorithmic trading firm, to a Robinhood-named wallet.

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Crypto data tracker Whale Alert reports that “461,631,206,896 SHIB worth $13,175,185 was transferred from Wintermute to unknown wallet. Further information revealed by Etherscan indicates the identity of the receiving wallet to be “Robinhood 2.”

The timing of the transfer coincides with a broader market dip, with many major cryptocurrencies seeing a decline in value and thus triggering speculation.

It is possible that such a move might be a precursor to greater trading activity or that Robinhood is strategically accumulating in anticipation of future demand. The exact reason for the move, however, remains unknown.

Bitcoin and the majority of crypto assets saw selling pressure on Tuesday, as positive U.S. factory data pushed the dollar index (DXY) to its highest level since mid-November.

Bitcoin dipped to intraday lows of $65,800 as data released on Monday showed that U.S. manufacturing activity unexpectedly increased in March. The probability of a June Fed rate drop fell below 50% following the manufacturing report.

Shiba Inu likewise plunged alongside the general crypto market. At the time of writing, SHIB was down 6.44% in the last 24 hours to $0.0000265, extending its decline from April 1 highs of $0.0000307.

Shiba Inu has been slowly declining since March 28, after reaching highs of $0.00003285. If the falls continue, the daily MA 50 around $0.00002288 may emerge as the next major support for the Shiba Inu price.

On the other hand, if the SHIB price recovers, bulls may look for a break over the $0.00003 and $0.000032 barrier levels to signal a new trend.

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