Crypto whale transaction tracker Whale Alerts not too long ago revealed an attention-grabbing on-chain transaction involving widespread meme cash Shiba Inu and Dogecoin alongside the well-known crypto trade Robinhood.
This transaction, which came about inside the previous 24 hours, concerned the motion of 800 million DOGE and a pair of.7 trillion SHIB tokens, respectively, from the trade into unknown wallets. As anticipated, the large nature of those transfers has piqued curiosity, prompting additional evaluation of on-chain knowledge to determine the motive behind them.
Analyzing The Transactions
Analyzing the DOGE transaction first, the notable transactions concerned the switch of 800 million DOGE tokens from Robinhood into an unknown pockets “DEgDVF.” This switch was executed in two separate transactions, every comprising 400 million DOGE tokens.
On the time of those transactions, every switch was valued at roughly $50.27 million, making the entire worth of the transferred DOGE tokens roughly $100.54 million. On the time of writing, deal with “DEgDVF” holds 31 billion DOGE tokens price $4.17 billion, making it one of many largest DOGE holders.
🚨 🚨 🚨 400,000,000 #DOGE (50,338,797 USD) transferred from #Robinhood to unknown wallethttps://t.co/Lg71fA5yYl
— Whale Alert (@whale_alert) July 19, 2024
Turning consideration to the SHIB transaction reveals the two.7 trillion SHIB tokens have been despatched into deal with “0x40B3.” On the time of switch, these tokens have been price $48.3 million. Deal with “0x40B3” can be one of many largest SHIB holders and at the moment possesses 36.6 trillion SHIB tokens with a market worth of $654 million.
🚨 🚨 2,700,000,000,000 #SHIB (48,343,500 USD) transferred from #Robinhood to unknown wallethttps://t.co/6aMEc1Vr3E
— Whale Alert (@whale_alert) July 19, 2024
Whale transactions and their results on different merchants can’t be overstated. Such enormous holdings belonging to 1 entity would make the person one of the vital influential meme coin holders. A choice to promote a significant a part of the holdings would have profound results on the value of DOGE, SHIB, and different memecoins.
Given the substantial holdings of each addresses “DEgDVF” and “0x40B3,” it’s secure to imagine that each unknown addresses may as properly belong to Robinhood itself. The switch may simply be a strategic motion into chilly storage by the crypto trade.
Whatever the precise identification of the pockets, the motion of such massive portions of DOGE and SHIB tokens has implications for the market. The market is slowly transferring into one other bullish state, and the substantial discount within the provide of those tokens on the Robinhood trade contributes to a lower in promoting stress.
On the time of writing, Dogecoin (DOGE) was buying and selling at $0.1313, reflecting a rise of three.5% over the previous 24 hours. Shiba Inu (SHIB), however, is buying and selling at $0.00001791, displaying a extra modest rise of 0.5% inside the identical 24-hour interval. In different information, on-chain knowledge reveals that DOGE whales have been quietly shopping for up thousands and thousands of Dogecoins.
Featured picture from TheStreet, chart from TradingView
