Shiba Inu Surges as Coinbase and Robinhood Transfer 9.6 Trillion Tokens

Shiba Inu (SHIB) has been making waves in the cryptocurrency market, garnering attention from both retail investors and institutional players alike. The meme coin has become a favorite among whales, with major American platforms like Coinbase and Robinhood making significant moves in the SHIB market.

In a surprising turn of events, within a span of just 24 hours, Coinbase and Robinhood collectively transferred a staggering 9.6 trillion SHIB tokens. This influx of activity highlights the growing interest and engagement in the Shiba Inu market.

Robinhood kicked off the flurry of transactions by transferring a substantial 600 billion SHIB tokens to an undisclosed wallet, valued at $13.7 million. Initially perceived as an exchange outflow, it was later revealed that this was an internal fund shuffling by Robinhood, with the recipient’s wallet turning out to be Robinhood itself.

On the other hand, Coinbase executed several Shiba Inu-related transactions during the same timeframe. The largest of these transactions involved an influx of 5.55 trillion SHIB into a Coinbase hot wallet, amounting to approximately $126.6 million. Additionally, 417 billion and 468 billion SHIB tokens were transferred across eight transactions into various wallets, including one labeled “Coinbase 10,” which now holds a significant quantity of SHIB.

Despite these massive movements, SHIB has been struggling to maintain its position above $0.000025, a critical resistance level for the meme coin. At the time of writing, Shiba Inu was trading at $0.00002227 with a slight daily decline. However, analysts like Mags remain optimistic about SHIB’s future, predicting a potential surge in price to a new all-time high of $0.00014 by September. Mags aligns this forecast with the ongoing accumulation of SHIB by whales in the market.

As SHIB continues to capture the attention of investors and industry players, its price struggles may soon come to an end, paving the way for potential growth and new milestones in the Shiba Inu market.