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

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. 

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.

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Following these transactions, Coinbase 10 now holds 4.5 trillion SHIB worth $102.8 million. The wallet has consistently moved out Shiba Inu tokens to addresses unaffiliated with Coinbase. This pattern suggests that Coinbase leverages the wallet to meet withdrawal requests from customers.

Notably, all the whale transactions carried out by Robinhood and Coinbase over the last 24 hours amounted to a cumulative volume of 9.6 trillion SHIB, representing 1.62% of Shiba Inu’s circulating supply. These tokens are currently worth $215.7 million, marking one of the largest 24-hour clusters of movements in recent times.

SHIB Retests $0.000022

The latest slew of whale transactions have come up at a time when Shiba Inu is witnessing a slump amid market turbulence. Bitcoin (BTC) dropped 2.5% overnight to break below the $68,000 territory, bringing down the rest of the market. In response, SHIB is down 3.27% below the $0.000023 support, now changing hands at $0.00002247.