Trillion Shiba Inu Coins Shift to Robinhood, Triggering 12.2% Price Increase

In a surprising move, a staggering 3 trillion Inu (SHIB) coins, worth approximately $75 million, were transferred to the popular trading app Robinhood. This substantial transaction coincides with a notable 12.2% price surge for SHIB, drawing significant attention from the crypto community.

Whale Moves $75 Million Worth of SHIB to Robinhood

According to data from Whale Alert, a blockchain tracker known for monitoring large transactions, approximately six hours ago, an anonymous wallet sent 3 trillion SHIB to Robinhood. This massive transfer, valued at nearly $75 million, occurred as SHIB experienced a 12.2% price surge within 24 hours.

3,000,000,000,000 #SHIB (74,788,500 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/YPK3w7Mceb

— Whale Alert (@whale_alert) May 16, 2024

Increased Activity Among SHIB Whales

This week has seen a notable increase in activity among SHIB whales. On May 15, Cumberland, a prominent cryptocurrency trading firm, transferred 144 billion SHIB to Coinbase, equating to roughly $3.3 million. Additionally, 50.36 billion SHIB were deposited to OKX.

Before the substantial Robinhood transfer, over 1.5 trillion SHIB were transacted within 24 hours. These transactions involved amounts ranging from 42.6 billion to 397 billion SHIB, moving to major exchanges like Binance, Coinbase, and Gate.io.

Also Read: Robinhood’s Remarkable $157 Million Profit in Q1 2024

SHIB Price Breaks Out and Burns Surge

In the last 24 hours, Shiba Inu has initiated a bullish breakout, with its price increasing by 12.26%. Notably, 3.5% of this surge occurred within the past two hours. Contributing to the positive sentiment, the SHIB burn rate has skyrocketed by 306.7%. The Shibburn explorer reported that nearly 10 million SHIB were burned in over twenty transactions, with the largest burns comprising 1,447,938, 1,359,610, and 1,000,000 SHIB.