1.75 trillion Shiba Inu tokens were recently shifted from Robinhood, catching the attention of many investors who are keen on the meme coin.
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This move, recorded by the Whale Alert tracker, has stirred up excitement in the community, leading to a surge in interest. As a result, the price of Shiba Inu has gone up by over 6% in the last day, with big investors starting to gather more tokens.
Massive SHIB Transfer Raises Speculation
A staggering total of 1.75 trillion SHIB tokens were withdrawn from Robinhood in two transactions, each worth $19 million, on May 2. This massive movement of Shiba Inu tokens from the popular trading platform to a single wallet address has sparked speculation about a potential recovery in SHIB’s price following a recent decline.
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The transactions originated from Robinhood and were sent to the wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. Notably, Etherscan data revealed that this wallet has been involved in previous SHIB transactions with Robinhood.
Prior to the 1.75 trillion transfer, this wallet had moved significant amounts of SHIB to Robinhood, raising speculation about its nature. While some suggest it could be an internal wallet of Robinhood or a market maker, the tokens held in the wallet cast doubt on the former possibility.
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On-chain analysts have previously reported this wallet address for large token movements and have alleged its association with market maker Jump Trading. This wallet, containing 246 different crypto assets valued at $449 million, boasts SHIB as its second-largest holding, with over 5 trillion tokens worth $129 million.
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SHIB Price and Futures Interest Show Mixed Signals
Over the past 24 hours, the price of SHIB has experienced a 6% surge, reaching $0.00002214. During this period, the cryptocurrency’s price fluctuated between a low of $0.00002071 and a high of $0.00002300. Despite the price increase, trading volume has slightly decreased.
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The open interest (OI) in SHIB futures has seen a 3% uptick in the last 24 hours, suggesting growing interest in the derivatives market. Specifically, the open interest for 1000SHIB futures on Binance surged by 2%, indicating sustained buying activity in recent hours.
Despite these positive movements, SHIB has been trading below a descending trendline since March. Failure to prompt a recovery at the current level could lead to a potential reversal in price direction. This highlights a looming uncertainty in the market despite recent bullish signs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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