SHIB’s recent price movement has been nothing but explosive. As of late, Shiba Inu has established itself as a leading performer in the cryptocurrency market, performing as high as 300% in a seven day timeframe.
Interestingly, a large SHIB transaction seems to have caught the eye of investors. According to whale transaction tracker Whale_Alerts, 1.25 trillion SHIB tokens worth $51.3 million were sent into an unknown wallet. On further investigation into on-chain data, it was determined that the recipient wallet is a Robinhood-linked wallet address.
Whale Shifts 1.25 Trillion SHIB
Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. According to on-chain data from IntoTheBlock, whale transactions greater than $100,000 have been increasing in the past few days. As a result, the number of transactions from this cohort spiked to 3,848 on March 5 as compared to 2,222 on March 4 and 845 on March 3. Furthermore, data from the on-chain analytics platforms shows that the total value of transactions greater than $100,000 has now reached $5.77 billion in the past seven days.
One of the most significant transfers during this timeframe that was reported by Whale_Alerts is the transfer of 1.25 trillion SHIB tokens from crypto exchange Cumberland into a wallet linked to Robinhood. While the identity of the individuals involved in the transfer is unknown, the whale transfer appears to have generated interest from SHIB investors as it comes amid extreme market volatility. Possible explanations include profit taking from a whale or an institutional investor buying SHIB.
— Whale Alert (@whale_alert) March 4, 2024
Notably, another recent SHIB transaction alert from the whale tracker indicates a similar transfer of 167 billion SHIB tokens from Wintermute, a crypto algorithmic trading firm to crypto exchange Binance. At the time of transfer, the SHIB tokens were worth $5.28 million.
— Whale Alert (@whale_alert) March 5, 2024
Shiba Inu To Keep Soaring?
SHIB broke above the $0.00004 mark twice in the past 24 hours. However, it has since corrected a 7.5% and is now trading at $0.000035. Nevertheless, the cryptocurrency is still up by 230% in the past seven days and 304% in the past 30 days.
The recent price surge has caused Shiba Inu to move up to 10th place in terms of market cap rankings. More holders have also turned a profit, with 73% of wallet addresses now making money. 11% of addresses are at break even, while 17% are still at a loss.
More holders are set to move into profit if Shiba Inu resumes its price increase. The first step would be to cross over the $0.000045 mark. Activity on Shiba Inu’s layer-2 network Shibarium also points to continued price growth.
The recent price surge has seen Shibarium witnessing an increase in the number of active accounts. Data shows daily active accounts reached 1,896 on March 4 and 1,227 on March 5 after spending the majority of February below 1,000.
