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Shiba Inu leads this week's Robinhood cryptocurrency rankings as it surges 11%, while a massive 300 million Dogecoin transfer to Robinhood signals a potential market breakout, stirring interest among traders and investors.
Shiba Inu Surges to Lead on Robinhood, Outperforming Major Cryptocurrencies Amid Market Optimism
In a recent report by U.Today, the popular joke cryptocurrency Shiba Inu (SHB) has topped this week's rankings announced by the famous brokerage site Robinhood.
The popular joke coin is up 11% in the last week, beating other major coins offered on the marketplace. Litecoin (LTC) comes in second, with an 8% price increase. Chainlink (LINK) is also in the top three, up 6.1%.
Aave (AAVE) and Ethereum Classic (ETC) have risen to the top five, with gains of 4.8% and 3.5% over the last week, respectively. CardTezos (XTZ), Uniswap (UNI), Ethereum (ETH), Stellar (XLM), and Compound (COMP) are also among the top 10.
U.Today reported that the second-largest meme cryptocurrency is now available to New York residents through the Robinhood platform. New York is especially recognized for its rigorous rules, and the BitLicense licensing scheme makes it difficult for businesses to operate in the state.
Shiba Inu first became available to Robinhood users in early 2022, following an aggressive campaign by the meme coin's community to get the token listed on the popular trading site.
Last month, global asset management firm Bernstein forecast that Robinhood's stock would gain from a "monster" bitcoin rally in 2024. The firm anticipated that the whole cryptocurrency market capitalization would reach a stunning $7.5 trillion this year.
SHIB is presently trading at $0.00002535, with a market size of over $15 billion. However, the token is still down more than 70.6% from its all-time high, set in October 2021.
Whale Alert: Massive Dogecoin and Shiba Inu Transfers to Robinhood Spark Market Speculation
The popular cryptocurrency tracking account on X/Twitter Whale Alert has posted a tweet regarding a staggering volume of the main meme coin being transferred to the Robinhood platform. Among them were hundreds of millions of Dogecoins (DOGE). This massive transaction occurred while the DOGE price was making desperate attempts to break out.
Whale Alert reported that 300,000,000 DOGE had moved from an anonymous wallet to the trading platform Robinhood, which allows consumers to invest in both cryptocurrency and traditional stocks. This number of meme coins is equivalent to $47,921,394.
The data provided by the aforementioned source shows that much more DOGE was transported than that. While 300,000,000 DOGE moved to Robinhood, 129,693,892 DOGE were transferred to another anonymous wallet, which now contains 1,733,699,458 Dogecoin.
This DOGE transfer was preceded by a mind-blowing transaction of another popular meme cryptocurrency, Shiba Inu, which is the second largest by market capitalization after DOGE.
Whale Alert discovered that a whopping 3,000,000,000,000 SHIB worth $79,947,000 in cash were also transferred from one anonymous wallet to another. As with the Dogecoin transfer, Etherscan indicated that the receiving address belonged to Robinhood.
As revealed by U.Today earlier this week, another mystery whale purchased a large amount of meme coins - 237.8 billion Shiba Inu - and transferred them to a cold wallet. That purchase was for $6,290,435 and came shortly after mysterious SHIB leader Shytoshi Kusama and the SHIB team revealed that they had raised $12 million from credible investors to construct a layer-3 solution on top of Shibarium. The new L3 blockchain will prioritize the privacy and security of transactions and user data.
Meanwhile, DOGE, the first meme cryptocurrency, has been working to rebound and break out. Over the last 24 hours, the Bitcoin parody inspired by memes has gained 4.23%. Still, it was followed by a modest dip, and the meme cryptocurrency has been in the $0.1624 range since Sunday. This is the price it is selling for at the time of writing.
Photo: Microsoft Bing
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