By Key Points
- Robinhood transfers 2.7 trillion Shiba Inu tokens.
- Movement involves internal Robinhood wallets.
- Shiba Inu is striving for a market recovery.
- SHIB aims to break the $0.00002101 resistance level.
In a surprising move, American trading platform Robinhood transferred a staggering 2.7 trillion Shiba Inu tokens between its wallets.
This transaction, valued at approximately $48.3 million, was highlighted by Whale Alert, a crypto whale monitoring resource, and has garnered significant attention amid Shiba Inu’s ongoing recovery efforts.
An Internal Shiba Inu Shuffle
The alert from Whale Alert initially suggested the funds were moved from a Robinhood wallet to an unknown address, sparking speculation about reduced selling pressure and potential bullish sentiment.
However, data from Etherscan clarified that the transaction was an internal transfer between two Robinhood wallets.
The transfer took place at 23:15 UTC, moving assets from the Robinhood 6 address to a Robinhood cold wallet.
This cold wallet now holds 36.6 trillion SHIB, equivalent to $652.7 million, and represents 6.2% of Shiba Inu’s circulating supply.
This makes it the second-largest holder of Shiba Inu, just behind Binance’s cold wallet with 37.4 trillion tokens.
#Robinhood Shuffles 2,700,000,000,000 #Shiba Inu as $SHIB Eyes Recoveryhttps://t.co/ilEdzPcdaa
— 𓆩♱𓆪 $LINGO (@Maryam02611141) July 20, 2024
Robinhood’s Continual Shuffling of SHIB
Robinhood has a history of moving large quantities of Shiba Inu tokens internally. The Robinhood 6 wallet, which sent the recent transfer, still holds 5.2 trillion SHIB, making it the 11th largest holder.
On June 10, Robinhood moved 600 billion Shiba Inu, and on May 16, they shuffled a massive 3 trillion SHIB as Shiba Inu traded at $0.000025. Additionally, six months ago, they moved 230 billion SHIB within 24 hours.
Robinhood’s significant holdings and periodic shuffling indicate its strategic management of SHIB. As of January, Shiba Inu became Robinhood’s third-largest crypto holding, highlighting the platform’s commitment to this digital asset.
Shiba Inu Eyes Market Recovery
The recent transfer coincides with Shiba Inu’s attempts to recover from a market downturn. SHIB is currently trading at $0.00001780, and technical analysis suggests a potential breakout above the $0.00002101 resistance level, aligning with the 50% Fibonacci retracement.
Shiba Inu has been in a downtrend since May, but recent candlestick patterns indicate a possible reversal. The Relative Strength Index (RSI) is around the neutral 50 mark, showing balanced momentum. Additionally, SHIB’s recovery from oversold conditions supports a bullish outlook.
Breaking above $0.00002101 could pave the way for further gains towards the 61.8% and 78.6% Fibonacci retracement levels, around $0.00002298 and $0.00002579, respectively. Moreover, Shiba Inu recently broke out of a descending trendline, hinting at a positive shift in market sentiment.
