- Robinhood purchases 202 billion Shiba Inu tokens in less than 24 hours.
- The popular American exchange now owns 2% of SHIB’s circulating supply.
- Binance and Crypto.Com emerge as the largest SHIB custodians on CeFi.
The popular American retail crypto and stock exchange Robinhood topped up on their Shiba Inu (SHIB) holdings in a 24-hour buying spree. Adding 202 billion SHIB tokens to their crypto stash, Robinhood is now the fourth largest Shiba Inu custodian, falling behind Binance, Crypto.com, and the original Shiba Inu’s black hole wallet.
SHIB Price Stagnates as Robinhood Tops Up
Vitalik Buterin used the dead wallet address to burn $6.7 billion in Shiba Inu tokens upon the project’s launch nearly three years ago. Taking approximately half of SHIB’s supply out of circulation, the altruistic deed by Ethereum’s founder remains prominent on the blockchain, as it sums up to 41.04% of the canine coin’s supply.
Today, popular social influencer Crypto Lola spotted a massive increase in Robinhood’s publicly available cryptocurrency wallet balance. According to the blockchain intel agency Arkham Intelligence, Robinhood now owns a gigantic 36.656T SHIB stash, which increased by 202 billion SHIB coins in less than 24 hours.
After the developments, SHIB slid below 1% after a 7.4% week-long crypto market correction. At press time, Shiba Inu is changing hands at $0.000009468, according to independent price aggregator CoinGecko.
Heavy Crypto Whales String Along Shiba Inu
Meanwhile, the blockchain whale-watching agency SpotOnChain spotted a few hefty transactions, including the crypto entrepreneur Justin Sun’s latest Shiba Inu move. SpontOnChain says Sun cashed out another 79.334 billion SHIB tokens from Binance to a decentralized wallet on-chain.
Equaling $776.386K at stamped transaction time, the latest withdrawal from Binance adds up to Justin Sun’s bigger move last month, when the tech mogul withdrew another 500 billion SHIB coins from Binance on December 19, 2023, valued at $5.22 million at the time. The crypto billionaire still holds 577B SHIB in his wallet, hinting at an ongoing accumulation phase.
On the Flipside
- While cryptocurrency whales are similarly accumulating SHIB to Bitcoin due to the great news of all 11 Bitcoin exchange-traded funds (ETFs) accepted, it’s important to bear in mind that the current Shiba Inu vs. Bitcoin price correlation is negative, according to blockchain data analysis platform IntoTheBlock.
Why This Matters
Crypto whale moves often precede a price trend reversal but are also a critical sign of the cryptocurrency’s potential as a long-term investment.
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