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On May 2, Whale Alert tracked two enormous transfers totaling 1.75 trillion Shiba Inu (SHIB) tokens from Robinhood, driving a more than 6% increase in SHIB's price and igniting bullish sentiment among investors.
Significant Shiba Inu Transfers Hint at Potential Recovery, Sparking Market Optimism
In a recent report by CoinGape, on May 2, a wallet address withdrew 1.75 trillion SHIB in two transactions of 875,000,000,000 SHIB, each worth $19 million. The large migration of Shiba Inu tokens from Robinhood to a single wallet address has fueled optimism that the SHIB price may recover following its recent collapse.
The vast transactions occurred between Robinhood and the wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. Etherscan data shows that the wallet previously moved SHIB to and from Robinhood.
Before the most recent 1.75 trillion payment, the wallet had transferred 3 trillion SHIB to Robinhood 8 days ago and 4 trillion SHIB 13 days prior. Thus, it might be either Robinhood's internal wallet or a market maker. The tokens in the wallet have ruled out the likelihood of them belonging to Robinhood.
Further investigation revealed that on-chain experts had previously reported the wallet address for substantial token transfers, claiming it belonged to market maker Jump Trading. This wallet contains 246 different cryptocurrency holdings totaling $449 million. SHIB is the second-largest holding. The wallet stores more than 5 trillion SHIB tokens worth $129 million.
Shiba Inu Price Rises Amid Fluctuating Trading Volume and Increased Futures Interest
SHIB's price has risen 6% in the last 24 hours, trading at $0.00002214. The 24-hour low and high are $0.00002071 and $0.00002300, respectively. Furthermore, trading volume has declined somewhat during the last 24 hours.
The SHIB futures open interest (OI) increased by 3% in the last 24 hours, indicating a surge in interest in the derivatives market. 1000SHIB futures OI on Binance also increased by 2%, with purchasing activity continuing in the last few hours.
However, SHIB prices have been trading below the declining trendline since March. A reversal may occur if the price fails to rebound at its current level.
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