Shiba Inu (SHIB), a popular meme coin in the crypto ecosystem has found itself amidst a recent speculation as 1.75 trillion worth of the token left Robinhood to an unknown wallet. This development took place about 8 hours ago and coincides with increasing prices for the price of SHIB
Large Amount of SHIB Exit Robinhood
According to the blockchain tracker, Whale Alert, the 1.75 trillion SHIB was transferred from Robinhood in two tranches.Â
The mysterious wallet (0x73af3bcf) bailed two large chunks containing 875,000,000,000 SHIB each from Robinhood. The 1.7 trillion SHIB translated to $39.2 billion at the time of the transaction.
🚨 875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E
— Whale Alert (@whale_alert) May 1, 2024
It is worth noting that this transaction follows Rohinhood’s recent support for Shiba Inu to its app users in New York. As BGEcrypto earlier reported, New Yorkers may inject enormous liquidity into Shiba Inu, helping to drive its market cap in the near term. This whale SHIB move out of Robinhood underscores a major buying momentum, one that is favorable for SHIB in the long term.
On Wednesday, a renowned crypto analyst, Ali Martinez revealed that SHIB is on a bullish movement according to daily charts. On an X Post, the analyst placed buy orders at about $0.000018343 while projecting that the meme coin could break out at $0.000072323 under a favorable environment.
Shiba Inu Rebounds
SHIB appears to be among the cryptocurrencies that are currently in the green after experiencing short-term volatility. As of the latest CoinMarketCap data, the meme coin has increased by 3.95% in the past 24 hours to trade at $0.00002195.Â
The market capitalization also increased by 4.9% to $12.9 billion. At the same time, the trading volume is down 5.3% to $806 million. This decline while significant could mean that the meme coin is experiencing reduced selling pressure as investors await crucial levels that could spawn higher prices.
This anticipation of a boosted price is necessary for Shiba Inu, considering the massive drawdown it has received thus far. For now, it remains the second-largest memecoin by market capitalization after Dogecoin (DOGE).
