With Shiba Inu’s price soaring, an unknown large investor has transferred a significant amount of SHIB, contributing to the cryptocurrency’s impressive performance, which saw a 52% surge in just 24 hours.
Shiba Inu has skyrocketed by a staggering 289% in the past week, making it one of the best-performing cryptocurrencies. This remarkable surge in price has happened alongside a noticeable increase in whale transactions.
Large Shiba Inu Transfer Raises Speculation
In the latest notable transaction, on-chain data reveals that one entity recently moved 1.25 trillion SHIB, valued at over $41 million. The transfer was made from the crypto trading firm Cumberland to the popular trading platform Robinhood.
🚨 🚨 1,250,318,249,876 #SHIB (41,329,269 USD) transferred from #Cumberland to unknown wallethttps://t.co/i7SYyYui4K
— Whale Alert (@whale_alert) March 4, 2024
The person or group behind the transfer remains unknown, but it’s likely that Cumberland played a role. They might have facilitated the transfer for a prominent client like a crypto hedge fund or venture capital firm. What’s important to note is that the assets transferred now make up the biggest portion of the recipient wallet, which is associated with Robinhood.
Currently, this wallet holds over $435 million worth of cryptocurrencies, with Shiba Inu making up $345 million, followed by Chainlink (LINK) and Aave (AAVE).
Shiba Inu Surges Amid Whale Movement
The recent whale movement coincides with Shiba Inu’s impressive outperformance of the wider crypto market. Within the last 24 hours, Shiba Inu surged to a high of $0.00045, marking a return to price levels last observed in December 2021, just two months after its all-time high.
Retracement and Current Status
However, the token has retraced to $0.000037 as of the time of writing. According to CoinMarketCap data, Shiba Inu is now 56% away from its all-time high, with increased trading volume supporting the token’s attempt to revisit these unprecedented levels.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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