Dogecoin and Shiba Inu Whales Withdraw Millions from Robinhood

Whale Alerts, the transaction tracker from Crypto Whale, recently revealed an interesting on-chain transaction involving the popular meme coins Shiba Inu Dog AND Dogecoin along with popular cryptocurrency exchange Robinhood.

This transaction, which occurred in the last 24 hours, involved the transfer of 800 million DOGE and 2.7 trillion SHIB tokens, respectively, from the exchange to unknown wallets. As expected, the massive nature of these transfers has piqued interest, prompting further analysis of on-chain data to ascertain the motive behind them.

Transaction Analysis

Looking first at the DOGE transaction, the most notable transactions involved the transfer of 800 million DOGE tokens from Robinhood to an unknown wallet “DEgDVF”. This transfer was executed in two separate transactions, each involving 400 million DOGE tokens.

At the time of these transactions, each transfer was valued at approximately $50.27 million, bringing the total value of DOGE tokens transferred to approximately $100.54 million. As of this writing, the “DEgDVF” address holds 31 billion DOGE tokens worth $4.17 billion, making it one of the largest DOGE holders.

See more

Shifting our focus to the SHIB transaction, we see that the 2.7 trillion SHIB tokens were sent to the address “0x40B3”. At the time of the transfer, these tokens were worth $48.3 million. The address “0x40B3” is also one of the largest holders of SHIB and currently holds 36.6 trillion SHIB tokens with a market cap of $654 million.

See more

Whale transactions and their effects on other traders cannot be overstated. Such massive holdings by one entity would make the individual one of the most influential meme coin holders. A decision to sell a significant portion of the holdings would have profound effects on the price of DOGE, SHIB, and other memecoins.

The total cryptocurrency market capitalization is currently $2.3 trillion. Chart: Trading View

Given the large holdings of both the “DEgDVF” and “0x40B3” addresses, it is safe to assume that both unknown addresses could belong to Robinhood itself. The move could just be a strategic move towards cold storage by the crypto exchange.

Regardless of the exact identity of the wallet, the movement of such large amounts of DOGE and SHIB tokens has implications for the market. The market is moving slowly in another bullish stateand the substantial reduction in supply of these tokens on the Robinhood exchange is helping to reduce selling pressure.

At the time of writing, Dogecoin (DOGE) is trading at $0.1313, reflecting a 3.5% increase in the last 24 hours. Shiba Inu (SHIB), on the other hand, is trading at $0.00001791, showing a more modest increase of 0.5% in the same 24-hour period. In other news, on-chain data shows that DOGE whales have been buy silently millions of Dogecoin.

Featured image from TheStreet, chart from TradingView

Fuente