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Shiba Inu Gets Massive Boost as Whale Accumulates 600B SHIB

The whale transferred 600 billion SHIB worth more than $13.7 million from the crypto exchange Robinhood to their wallet.

Shiba Inu

An unidentified Shiba Inu (SHIB) whale has moved billions of the memecoin from a centralized crypto exchange to an unknown wallet in a massive accumulation move.

A tweet by blockchain tracker Whale Alert revealed that the whale transferred 600 billion SHIB worth more than $13.7 million from the crypto exchange Robinhood to their wallet.

Crypto Whale Moves 600B SHIB

The large SHIB move shows that the whale is keen on accumulating the memecoin. Such a huge transfer from a crypto exchange to a wallet indicates confidence in Shiba Inu’s potential to bring massive returns in the event of a price rally.

The broader crypto market is in an accumulation phase. Large investors, retailers, and institutions have been focused on accumulating promising crypto assets, including top dogs like bitcoin (BTC) and ether (ETH), in anticipation of higher prices. 

The expectation of a crypto market rally can be linked to several factors, particularly the Bitcoin halving, which occurred two months ago. The event is known to mark the onset of a bull run, as seen in previous cycles.

SHIB Down 4.6% Intra-day

Over the past couple of weeks, SHIB and the rest of the crypto market, including BTC, have been seen recovering from the downturn that enveloped the market in April and the first two weeks of May. However, the tides have changed this week as the bears appear to have taken over the market.

Data from CoinMarketCap shows SHIB is down 4.6% in the past 24 hours. The memecoin has fallen 9% in the past seven days and 3.5% in the past month. This bloodshed must have spread from BTC, as the leading cryptocurrency has also plummeted 3.4% and 4.2% in the past 24 hours and seven days. At the time of writing, SHIB was changing hands at $0.000021, while BTC was worth $66,922.

The SHIB whale must have grabbed an opportunity to acquire the memecoin at lower prices to maximize returns when the token’s value rises. While it remains to be seen how long the whale will hold the SHIB stash they moved to their wallet, they will likely experience the same fate as another whale who cashed out $3.2 million in profits after holding 199 billion SHIB for almost three years.

Cynthia Ezirim

Cynthia Ezirim is a news reporter at Cointab who is passionate about Bitcoin, non-fungible tokens, and decentralized technology. She joined the crypto space in late 2022.