Dogecoin And Shiba Inu Whales Withdraw Millions From Robinhood – What’s Going On?

Crypto Whale Transactions Stir Market Interest

Whale Alerts, a crypto whale transaction tracker, recently detected significant on-chain activity involving the exchange Robinhood and popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE).

Transaction Details

Within the past 24 hours, 800 million DOGE tokens and 2.7 trillion SHIB tokens were transferred from Robinhood to unknown wallets. The DOGE transfer occurred in two transactions, each involving 400 million tokens valued at approximately $50.27 million. The total value of the transferred DOGE tokens reached $100.54 million. The recipient wallet, "DEgDVF," now holds 31 billion DOGE tokens, making it one of the largest DOGE holders.

Similarly, the 2.7 trillion SHIB tokens were transferred to wallet "0x40B3," which currently holds 36.6 trillion SHIB tokens worth $654 million.

Market Implications

Whale transactions significantly impact market dynamics. The large holdings of these tokens by a single entity make them influential market players. A significant sale of these holdings could trigger significant price movements in DOGE, SHIB, and other memecoins.

However, the possibility remains that the transfers were strategic movements into cold storage by Robinhood. Regardless of the origin of the transfers, the reduction in the supply of DOGE and SHIB on the Robinhood exchange has contributed to a decrease in selling pressure.

Current Market Conditions

At the time of writing, Dogecoin (DOGE) is trading at $0.1313, up 3.5% over 24 hours. Shiba Inu (SHIB) is trading at $0.00001791, showing a modest 0.5% increase. Additionally, on-chain data suggests that DOGE whales are actively accumulating millions of Dogecoins.