Coinbase, Robinhood Move 9,607,185,765,731 Shiba Inu as SHIB Retests $0.000022

Coinbase and Robinhood have made a significant move of 9.6 trillion Shiba Inu (SHIB) tokens within a 24-hour period as SHIB’s value retests $0.000022 amidst the current market crash. The movement was highlighted by on-chain tracking and analytics system Whale Alert, revealing that Robinhood transferred 600 billion SHIB, equivalent to $13.7 million, to an unknown wallet address. This amount captivated attention due to its size and initially sparked bullish sentiments among market participants who believed it signified exchange outflows, which generally reduce selling pressure and lend strength to bullish trends. However, further investigation unveiled that the movement was actually an internal fund shuffling operation conducted by Robinhood, with the recipient wallet belonging to the trading platform itself. The wallet now holds 3.4 trillion SHIB, valued at $78.2 million, making it their second-largest holding. In addition to Robinhood’s transaction, Coinbase also drew attention from crypto surveillance resource Arkham Intelligence as it executed multiple SHIB movements in the past 24 hours. The largest of these movements involved an inflow of 5.55 trillion SHIB, equivalent to $126.6 million, to a Coinbase hot wallet. Coinbase transferred between 417 billion and 468 billion SHIB tokens to various wallets across eight separate transactions. All of these transactions followed a similar pattern in which the funds were first sent to an unknown address and then routed to a wallet known as “Coinbase 10.” These actions were completed within a three-hour timeframe. Following these transfers, Coinbase 10 now holds 4.5 trillion SHIB, worth $102.8 million, and consistently moves SHIB tokens to addresses unrelated to Coinbase, suggesting that it is used to fulfill customer withdrawal requests. The cumulative volume of the whale transactions conducted by Robinhood and Coinbase over the past 24 hours amounts to 9.6 trillion SHIB, which represents 1.62% of the circulating supply of Shiba Inu. This large movement is valued at $215.7 million, making it one of the most significant clusters of transactions within a 24-hour period recently. The timing of these transactions is notable as Shiba Inu is currently experiencing a downturn amidst the market turbulence, with Bitcoin dropping 2.5% below $68,000 and SHIB down 3.27% below the $0.000023 support level, trading at $0.00002247.