Crypto whale transaction tracker Whale Alerts not too long ago revealed an attention-grabbing on-chain transaction involving common meme cash Shiba Inu and Dogecoin alongside the well-known crypto change 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 change into unknown wallets. As anticipated, the massive nature of those transfers has piqued curiosity, prompting additional evaluation of on-chain information to establish 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, tackle “DEgDVF” holds 31 billion DOGE tokens value $4.17 billion, making it one of many largest DOGE holders. 

Turning consideration to the SHIB transaction exhibits the two.7 trillion SHIB tokens have been despatched into tackle “0x40B3.” On the time of switch, these tokens have been value $48.3 million. Handle “0x40B3” can also be one of many largest SHIB holders and presently possesses 36.6 trillion SHIB tokens with a market worth of $654 million.

Whale transactions and their results on different merchants can’t be overstated. Such large holdings belonging to at least one entity would make the person some of the influential meme coin holders. A choice to promote a significant a part of the holdings would have profound results on the worth 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 might as properly belong to Robinhood itself. The switch might simply be a strategic motion into chilly storage by the crypto change.

Whatever the precise id of the pockets, the motion of such giant 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 change 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), alternatively, is buying and selling at $0.00001791, displaying a extra modest rise of 0.5% inside the similar 24-hour interval. In different information, on-chain information exhibits that DOGE whales have been quietly shopping for up hundreds of thousands of Dogecoins.

Featured picture from TheStreet, chart from TradingView