A staggering 3 trillion Shiba Inu tokens, valued at approximately $50 million, were recently transferred to a wallet named after the popular trading platform Robinhood.
This transfer coincides with a remarkable surge in SHIB’s value, experiencing a 70% increase within a mere 24-hour period.
Whale Alert detected the transaction, announcing on X the transfer of 3,023,255,579,400 SHIB tokens from an unidentified wallet directly to the address labeled “Robinhood.”
Following this substantial transfer, SHIB surpassed many leading cryptocurrencies, including Bitcoin and Ethereum, in terms of price performance.
SHIB even outpaced DOGE, climbing to the 11th position in global market capitalization rankings, boasting a valuation exceeding $12.8 billion.
As of the time of writing, SHIB’s price has surged by 62.62% over the past day, reaching $0.00002158.
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This surge positions the meme coin for its most impressive weekly close since October 2021, marking a remarkable 129% increase, according to CoinMarketCap data.
Analysts attribute SHIB’s price explosion to several key on-chain activities observed days before the rally.
One notable transaction involved a “smart trader” purchasing 75.91 billion SHIB from Binance, resulting in over $614,000 in profit.
MakerDAO co-founder Rune reportedly made his first SHIB purchase with 100,000 USDC, gaining approximately $47.1 billion.
Additionally, a wallet under the name of Upbit amassed 2.13 trillion SHIB, now valued at $42.3 million, further propelling the token’s ascent.
As the cryptocurrency community buzzes with excitement over SHIB’s unexpected rally, market observers are closely monitoring “Robinhood’s” next moves, speculating on the impact this significant acquisition could have on SHIB’s future market performance.
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