Shiba Inu Whale Moves 1.7 Trillion SHIB As Price Struggles, Where Are They Headed?

The crypto community’s attention has been drawn to a Shiba Inu whale that recently moved trillions of the meme coin. Given the magnitude of these transactions, community members have sought to discover where these tokens were transferred and the motive behind them.

Shiba Inu Whale Moves 1.7 Trillion SHIB

On-chain data shows that the whale (crypto trading platform Robinhood) moved 1.7 trillion SHIB tokens from one of its wallets to another in two separate transactions, with 875 billion SHIB tokens moved in the first transaction and the same amount transferred in the second. 

The crypto platform has become known for moving enormous amounts of SHIB tokens between their wallets, possibly to meet demand from customers. Bitcoinist recently reported how the trading platform moved 3 trillion Shiba Inu tokens in one transaction. Robinhood also had at one point accumulated 332 billion SHIB at a go. 

Robinhood’s most recent transaction follows the platform’s recent listing of the meme coin for its New York customers. As such, these whale transactions could have been made to fulfill buy orders from these customers. Whale transactions like Robinhood’s signal a bullish outlook for the meme coin and could spark price surges for the meme coin. 

Besides the whales, other Shiba Inu investors look to be actively accumulating the meme coin with data from the on-chain analytics platform IntoTheBlock, which shows that the bid-ask volume imbalance is bullish for the meme coin. Another bullish signal for the meme coin is the increase in token burns. Data from the burn tracking website Shibburn shows that the token burns have increased by almost 30% in the last seven days. 

Shiba Inu Lead Developer Teases New Project

Shiba Inu’s lead developer, Shytoshi Kusama, recently shared a cryptic GIF on his X (formerly Twitter) platform with the word “Evita,” which means “life” in Latin. Another Shiba Inu developer, Kaal Dhairya, also shared a GIF on his X platform that had the word “Evita” on it, suggesting that the team might be working on another project in the Shiba Inu ecosystem. 

Members of the Shiba Inu community have already begun trying to decode what these cryptic tweets could mean, but nothing has been made out of them so far, with only mere speculations. However, this is undoubtedly something to keep an eye on, considering that Kusama has in the past made cryptic posts that usually serve as a prelude to a big announcement.  

At the time of writing, Shiba Inu is trading at around $0.00002391, down over 3% in the last 24 hours, according to data from CoinMarketCap.

SHIB price struggles to hold $0.000024 | Source: SHIBUSDT on Tradingview.com

Featured image from Analytics Insight, chart from Tradingview.com