Crypto data tracker Whale Alert has spotted a large Shiba Inu move within the last 24 hours. A Robinhood-named address received a large transfer of 3 trillion SHIB tokens worth about $50 million from an unknown wallet.
Whale Alert reported, "3,023,255,579,400 SHIB ($49,933,096) was transferred from an unknown wallet to an unknown wallet."
Robinhood's SHIB acquisition coincides with a remarkable rally for the token, which has soared by over 70% in the last 24 hours, reaching highs of $0.00002888 in early Saturday trading.
SHIB has outperformed many other major cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, and has climbed to the 11th spot in the market capitalization ranking, with a valuation of over $12.8 billion.
At the time of writing, SHIB was up 62.20% in the last 24 hours to $0.00002149. The dog token is also set to post its best weekly close since October 2021, currently up 129%, according to CoinMarketCap data.
What happened on-chain ahead of SHIB's massive pump?
As Shiba Inu's price skyrocketed by about 70% in the last 24 hours, the on-chain analytics platform Spot On Chain reports what happened on-chain in the past three days leading to the pump.
Spot On Chain highlights three occurrences that might have contributed to SHIB's price pump. First, a "smart trader" bought 75.91 billion SHIB, now worth $1.51 million, from Binance two days before the pump. This trader has now netted over $614,000 in gains on his Shiba Inu buy.
Second, MakerDAO co-founder Rune is reported to have bought 7.41 billion SHIB with 100,000 USDC for the first time and has netted about $47.1 billion on his SHIB purchase.
Third, an UPbit-named wallet has accumulated 2.13 trillion SHIB, now worth $42.3 million, in the last 24 hours. Currently, this wallet is the seventh largest-holding wallet of SHIB, with 12.45 trillion SHIB worth $247 million.