Robinhood Acquires a Whopping $3 Trillion Worth of SHIB Tokens, Signaling a Surge in Value
The name Robinhood has echoed through the cryptocurrency space after a significant transfer of 3 trillion SHIB tokens, approximately valued at $50 million, was detected from an undisclosed wallet. The cryptocurrency tracking tool, Whale Alert, reported the movement, stating, “3,023,255,579,400 SHIB (49,933,096 USD) transferred from unknown wallet to unknown wallet.”
Robinhood’s acquisition of SHIB coincides with a notable surge in the value of the meme coin, which rose by over 70% in the past 24 hours, reaching its peak at $0.00002888 early on Saturday’s trading. SHIB has climbed to the eleventh position in market cap rankings, surpassing $12.8 billion, joining the league of other major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
As of this report, SHIB has witnessed a 62.20% increase in the last 24 hours, reaching $0.00002149. The dog-themed token is expected to record its best weekly closing since October 2021, currently boasting a 129% increase, according to CoinMarketCap.
What Led to the Massive SHIB Pump?
With Shiba Inu’s price surging by almost 70% in the past 24 hours, on-chain analytics platform Spot On Chain provided insights into the on-chain activities in the three days leading to the pump.
Firstly, the “smart trader” acquired 75.91 billion SHIB, currently valued at $1.51 million, from Binance two days before the pump, resulting in gains exceeding $614,000 from the Shiba Inu purchase.
Read more Shiba Inu Team Leaders Boost Community Morale as SHIB Coin Surges
Secondly, reports suggest that Rune, co-founder of MakerDAO, purchased 7.41 billion SHIB for 100,000 USDC for the first time, accumulating around $47.1 million worth of SHIB within the last 24 hours. This wallet now stands as the seventh-largest SHIB-owned wallet, with a value of 12.45 trillion SHIB, equivalent to $247 million.
Lastly, the UPbit wallet gathered 2.13 trillion SHIB, marking a significant uptick in SHIB holdings during the past 24 hours.
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