- Robinhood moves 3T SHIB between hot wallets, equal to nearly $80M.
- The 3T move suggested a rising demand for Shiba Inu in spot markets.
- The overall exchange reserve hints at SHIB traders moving out tokens.
A staggering amount of Shiba Inu (SHIB) has been transferred between wallets of Robinhood, one of the most popular retail crypto exchanges in the United States. Half an hour after midnight on April 24, 2024, the whale tracking agency WhaleAlert flagged the transaction as unusual. Indeed, the 3,000,000,000,000 Shiba Inu (SHIB) token transfer raised some eyebrows among the cryptocurrency community on X, previously known as Twitter.
However, upon further investigation, Dailycoin discovered that these cryptocurrency whale addresses are directly linked to Robinhood. As the centralized exchange (CEX) holds Shiba Inu on their customer’s behalf, a transfer of 3 trillion hints at high demand for trading SHIB on Robinhood’s platform. Following the abnormal transaction, the SHIB token picked up 3.5% gains to trade above $0.000027.
Is Shiba Inu’s Demand Really Rising?
Robinhood has been deemed one of the largest Shiba Inu custodians, with Robinhood’s SHIB stash trailing behind only Binance among centralized exchanges (CEXs). To determine if Shiba Inu’s rally in March to $0.000044 has sparked more enthusiasm, DailyCoin compared Robinhood’s three main public hot wallets, purposefully used to store customers’ funds.
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For instance, the “0x40B” wallet consisted of 20 trillion SHIB tokens back in September 2023, while the ongoing balance showcases a tremendous increase of over 11T tokens. Currently at 31.753T, this Robinhood hot wallet holds a staggering $866.55M worth of SHIB.
In addition to this main hot wallet, Robinhood also holds 4.13 trillion SHIB and 6.179 trillion tokens in the remaining crypto wallets. Cumulatively, the three Robinhood-owned wallets own slightly more than $1 billion worth of Shiba Inu at the current prices.
Shiba Inu’s Unexpected Layer-3 Venture
SHIB Token’s recent $12 million funding round for building a Layer-3 network served as the main catalyst for Shiba Inu’s 21% surge last weekend, while the expanding adoption range is expected to boost the demand for both Shiba Inu (SHIB) and the Shibarium L2’s native token Bone ShibaSwap (BONE). As of press time, the #12 seated Japanese hunting dog-embossed Shiba Inu (SHIB) is exchanging hands at $0.00002721, according to CoinGecko. The Layer-3 funding round was signed by Animoca Brands, Polygon Labs, Morningstar Ventures, and other well-known names in the venture capital industry.
Capitalizing on the Layer-3 developments with 3% daily gains, Shiba Inu (SHIB) brings its weekly profit to 24%, while its yearly return positions SHIB among the top performers of large market-cap altcoin with 162.5% profits in a 365-day timeframe.
On the Flipside
- Judging by the ever-shifting digital finance landscape, Shiba Inu holders are slowly but steadily distancing themselves from crypto exchanges and putting their SHIB holdings in self-custodial wallets.
- This presumption can be made from CryptoQuant’s latest data, which suggests that SHIB’s exchange reserves have plummeted to below 150.7 trillion tokens, with this metric gradually dipping since early 2022.
Why This Matters
Crypto exchanges amassing huge amounts of SHIB to meet clientele’s demand bolster the coin’s market depth. Meanwhile, rising demand suggests a positive social sentiment surrounding Shiba Inu.
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