According to Whale Alert, 2.2 trillion Shiba Inu (SHIB) tokens, worth $39.9 million, were transferred from Robinhood to an unknown wallet. The recipient’s wallet contained 1.3 million Ethereum (ETH), worth approximately $4.79 billion. The sender’s wallet had a balance of 96,161 ether, worth nearly $338 million.
It is unclear who the owner of the wallet is. Robinhood is one of the largest holders of SHIB today, owning approximately 36.745 trillion tokens, worth more than $300 million. It is possible that the exchange is transferring the shares held in its own wallet. It is also possible that SHIB whales are moving assets off the exchange for long-term holding.
Will the Shiba Inu evaporate?
Moving assets off exchanges is considered a bullish move because it reduces market selling pressure. Transferring assets to an exchange means owners can choose to sell them.
Shiba Inu (SHIB) has experienced a significant price drop over the past few days, falling below $0.000018 for the first time since March. SHIB is down 3.6% on the daily chart, 17.5% on the weekly chart and more than 30% in the last month.
The latest price correction could be due to Bitcoin (BTC) falling below $64,000. BTC miners sold their holdings as the price of mining one BTC surpassed $86,000. The lack of new capital also negatively affects the market.
Shiba Inu (SHIB) may reverse the trend, but the larger market must also recover. BTC is leading the market and other assets are following its trajectory. Until BTC recovers, other assets will likely continue in their current state.
