Coinbase, Robinhood Move 9,607,185,765,731 Shiba Inu as SHIB Retests $0.000022
The post Coinbase, Robinhood Move 9,607,185,765,731 Shiba Inu as SHIB Retests $0.000022 appeared on BitcoinEthereumNews.com.
American trading platforms Coinbase and Robinhood move 9.6 trillion Shiba Inu in 24 hours as SHIB retests $0.000022 amid the latest market crash. Robinhood Moves 600 Billion Shiba Inu On-chain tracking and analytics system Whale Alert spotlighted the development in a recent post on X, calling attention to the Robinhood movement. Per Whale Alert’s disclosure, Robinhood transferred 600 billion SHIB worth $13.7 million at the time of disclosure to an unknown wallet address yesterday. 🚨 600,000,000,000 #SHIB (13,713,299 USD) transferred from #Robinhood to unknown wallethttps://t.co/9jSpBh0IQ1 — Whale Alert (@whale_alert) June 10, 2024 The post garnered attention due to the sheer amount of the assets moved. However, more interestingly, it triggered bullish sentiments among market participants, who had believed that the transaction involved an exchange outflows. Such outflows typically curtail selling pressure and provide strength to the bulls during a downtrend. However, further investigation confirmed that the movement involved an in-house fund shuffling carried out by Robinhood. Notably, the recipient wallet, though labelled unknown by Whale Alert, actually belongs to the American trading platform. The wallet now holds 3.4 trillion SHIB worth $78.2 million, its second-largest holding. Coinbase Transfers 9 Trillion Shiba Inu Meanwhile, in addition to the Robinhood transaction, crypto surveillance resource Arkham Intelligence called attention to multiple SHIB movements carried out by Coinbase over the past 24 hours. The largest of these transactions involved an inflow of 5.55 trillion Shiba Inu valued at $126.6 million to a Coinbase hot wallet yesterday. Coinbase and Robinhood Shiba Inu Movements | Arkham Intelligence The U.S.-based exchange further moved between 417 billion and 468 billion SHIB tokens to different wallets across eight transactions. In each of these transactions, Coinbase transferred the funds to an unknown address and then routed them to another wallet tagged “Coinbase 10.” All 8 transactions occurred within 3 hours.…
Filed under: News - @ June 11, 2024 8:28 am