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600 Billion SHIB Mysteriously Kicked off Robinhood – What's Happening?

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Tue, 11/06/2024 - 10:50
600 Billion SHIB Mysteriously Kicked off Robinhood – What's Happening?
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Popular cryptocurrency tracker Whale Alert, which tracks down large crypto transfers, has spread the word about several hundred billion SHIB meme coins getting withdrawn from major trading platform Robinhood. The destination of this transfer is an anonymous wallet.

Aside from this massive SHIB transfer, Whale Alert also spotted two other large meme crypto transactions, as 326 million Dogecoin were moved from the same platform.

600 billion SHIB and 326 million DOGE on move

The enormous transfer of more than half a trillion Shiba Inu meme coins was detected by the aforementioned data source approximately 13 hours ago. In fiat, this constitutes an equivalent of $13,713,299. The transaction was made to a blockchain wallet tagged by Whale Alert as unknown.

This transaction was made between two large transfers of another popular meme cryptocurrency – Dogecoin: 200,000,000 and 126,705,738 DOGE (almost 327 million DOGE in total), valued at $28,790,166 and $18,431,371.

Overall, SHIB whales’ activity has seen a drastic increase as of late; as reported by U.Today, over the past week, a staggering 17 trillion SHIB have been transferred, according to data shared by IntoTheBlock.

Still, a deeper look at all three of these transactions made from Robinhood show that the three meme coin lumps ended up nowhere but back on Robinhood, with the destination wallets belong to this trading venue, indicating that Robinhood has been reshuffling its SHIB and DOGE holdings.

Related

Key SHIB metric soars 2,814%

According to the Shibburn explorer, since yesterday morning, the SHIB community has made significant progress in reducing the SHIB circulating supply. Their joint efforts in burning SHIB have helped to raise the burn rate by 2,814%, sending a total of 7,912,388 Shiba Inu meme coins into unspendable blockchain addresses.

There have been seven burn transfers overall so far, with the three largest ones carrying 4,320,587; 1,538,128 and 1,031,814 SHIB. The small burn transfer here constituted 5,683 SHIB.

Bearish SHIB price performance

Over the period of the last 24 hours, the second largest meme cryptocurrency by market capitalization size has shown negative market performance as it declined by 5.5%, falling to the $0.00002218 price mark.

This price fall coincided with a similar move bybBitcoin as it plunged by nearly 4% in the past 24 hours, losing the $70,000 level and plummeting to $66,997.

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