Robinhood Moves 800 Million DOGE and 2.7 Trillion SHIB Into Unknown Wallets

Crypto whale transaction tracker Whale Alerts not too long ago revealed an attention-grabbing on-chain transaction involving in style meme cash Shiba Inu and Dogecoin alongside the well-known crypto alternate Robinhood.

Crypto whale transaction tracker Whale Alerts not too long ago picked up on a attention-grabbing on-chain transaction involving meme cash Shiba Inu and Dogecoin alongside the well-known crypto alternate Robinhood.

This transaction, which passed off inside the previous 24 hours, noticed 800 million DOGE and a pair of.7 trillion SHIB tokens being moved from the alternate into unknown wallets. As you’ll be able to think about, given the large nature of those transfers, curiosity has been piqued, prompting additional evaluation of on-chain information to find out the motive behind them.

Let’s analyze these transactions.

Beginning with the DOGE transaction, the notable transactions concerned the switch of 800 million DOGE tokens from Robinhood into an unknown pockets “DEgDVF.” This switch was executed in two separate transactions, every comprising 400 million DOGE tokens.

On the time of those transactions, every switch was valued at roughly $50.27 million, making the overall worth of the transferred DOGE tokens roughly $100.54 million. On the time of writing, tackle “DEgDVF” holds 31 billion DOGE tokens value $4.17 billion, making it one of many largest DOGE holders.

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Shifting consideration to the SHIB transaction reveals that the two.7 trillion SHIB tokens have been despatched into tackle “0x40B3.” On the time of switch, these tokens have been value $48.3 million. Deal with “0x40B3” can be one of many largest SHIB holders and at the moment possesses 36.6 trillion SHIB tokens with a market worth of $654 million.

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Now, these whale transactions and their results on different traders can’t be overstated. Such big holdings belonging to at least one entity would make the person some of the influential meme coin holders. A choice to promote a significant a part of the holdings would have profound results on the value of DOGE, SHIB, and different memecoins.

Given the substantial holdings of each addresses “DEgDVF” and “0x40B3,” it’s secure to imagine that each unknown addresses may as nicely belong to Robinhood itself. The switch may simply be a strategic motion into chilly storage by the crypto alternate.

Whatever the precise id of the pockets, the motion of such massive portions of DOGE and SHIB tokens has implications for the market. The market is slowly shifting into another bullish state, and the substantial discount within the provide of those tokens on the Robinhood alternate contributes to a lower in promoting stress.

On the time of writing, Dogecoin (DOGE) was buying and selling at $0.1313, reflecting a rise of three.5% over the previous 24 hours. Shiba Inu (SHIB), then again, is buying and selling at $0.00001791, exhibiting a extra modest rise of 0.5% inside the identical 24-hour interval. In different information, on-chain information exhibits that DOGE whales have been quietly buying up tens of millions of Dogecoins.

Featured picture from TheStreet, chart from TradingView

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