Crypto whale transaction tracker Whale Alerts lately revealed an fascinating on-chain transaction involving the favored meme coin Shiba Inu and Dogecoin Together with the well-known cryptocurrency alternate Robinhood.
The transaction occurred previously 24 hours and concerned the switch of 800 million DOGE and a pair of.7 trillion SHIB tokens from the alternate to unknown wallets respectively. As anticipated, the monumental nature of those transfers sparked curiosity, prompting additional evaluation of on-chain knowledge to find out the motivations behind them.
Analyze transactions
First, analyze the DOGE transaction. The noteworthy transaction entails the switch of 800 million DOGE tokens from Robinhood to an unknown pockets “DEgDVF”. This switch was executed in two separate transactions, every containing 400 million DOGE tokens.
On the time of those transactions, every switch was valued at roughly $50.27 million, making the overall worth of DOGE tokens transferred roughly $100.54 million. As of this writing, the handle “DEgDVF” holds 31 billion DOGE tokens price $4.17 billion, making it one of many largest DOGE holders.
🚨 🚨 🚨 400,000,000 #dog ($50,338,797) Reprinted from #robinhood To unknown pockets https://t.co/Lg71fA5yYl
— Whale Alert (@whale_alert) July 19, 2024
Turning our consideration to SHIB transactions, we discovered that 2.7 trillion SHIB tokens have been despatched to the handle “0x40B3”. On the time of the switch, the tokens have been price $48.3 million. Tackle “0x40B3” can be one of many largest SHIB holders, at present holding 3.66 trillion SHIB tokens with a market worth of US$654 million.
🚨 🚨 2,700,000,000,000 #SHIB ($48,343,500) Transferred from #robinhood To unknown pockets https://t.co/6aMEc1Vr3E
— Whale Alert (@whale_alert) July 19, 2024
whale buying and selling and its Influence on different merchants This can’t be overemphasized. Such a big holding belonging to at least one entity would make that particular person one of the vital influential memecoin holders. The choice to promote a majority stake could have a profound influence on the costs of DOGE, SHIB and different memecoins.
Given the big holdings of the 2 addresses “DEgDVF” and “0x40B3”, it’s protected to imagine that these two unknown addresses may additionally belong to Robinhood itself. The switch could be a strategic transfer by cryptocurrency exchanges to enter chilly storage.
Whatever the particular id of the pockets, the motion of such giant quantities of DOGE and SHIB tokens will have an effect available on the market. The market is shifting slowly Coming into one other bullish stateand a big discount within the provide of those tokens on the Robinhood alternate helped cut back promoting strain.
On the time of writing, Dogecoin (DOGE) is buying and selling at $0.1313, up 3.5% previously 24 hours. Shiba Inu (SHIB), then again, is buying and selling at $0.00001791, up a extra modest 0.5% in the identical 24 hours. In different information, on-chain knowledge exhibits DOGE whale has been Purchase quietly As much as hundreds of thousands of Dogecoins.
Featured picture from TheStreet, chart from TradingView
