600 Billion SHIB Mysteriously Kicked off Robinhood – What's Happening?
Release: 2024/06/11 18:54 Reading: 961
Whale Alert Reports Massive Cryptocurrency Transfers
Popular cryptocurrency tracker Whale Alert has detected large-scale withdrawals of meme coins from major trading platform Robinhood.
Shiba Inu (SHIB)
- 600 billion SHIB (equivalent to $13,713,299) transferred from Robinhood to an unknown wallet.
- This transaction accounted for half a trillion Shiba Inu coins.
Dogecoin (DOGE)
- 326 million DOGE (valued at $47.2 million) moved from Robinhood.
- Two separate transfers of 200 million and 126 million DOGE occurred.
Robinhood's Internal Transactions
Further analysis revealed that all three meme coin transfers ultimately ended up back on Robinhood. This suggests that Robinhood was reshuffling its SHIB and DOGE holdings.
Significant SHIB Burn Activity
In recent days, the SHIB community has accelerated its efforts to reduce the circulating supply through burning. The burn rate has increased by 2,814%, with over 7.9 million SHIB burned.
Bearish Price Performance
Despite the massive transfers and burning activity, both SHIB and Bitcoin have experienced negative price movements in the last 24 hours. SHIB has declined by 5.5%, while Bitcoin has lost nearly 4%.
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