Crypto whale transaction tracker Whale Alerts lately revealed an attention-grabbing 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 couple 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 information to find out the motivations behind them.
Analyze transactions
First, analyze the DOGE transaction. The noteworthy transaction includes 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 whole worth of DOGE tokens transferred roughly $100.54 million. As of this writing, the deal with “DEgDVF” holds 31 billion DOGE tokens value $4.17 billion, making it one of many largest DOGE holders.
🚨 🚨 🚨 400,000,000 #dog ($50,338,797) Reprinted from #robinhood To unknown pocketshttps://t.co/Lg71fA5yYl
— Whale Alert (@whale_alert) July 19, 2024
Turning our consideration to SHIB transactions, we discovered that 2.7 trillion SHIB tokens had been despatched to the deal with “0x40B3”. On the time of the switch, the tokens had been value $48.3 million. Tackle “0x40B3” can be one of many largest SHIB holders, at the moment 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 pocketshttps://t.co/6aMEc1Vr3E
— Whale Alert (@whale_alert) July 19, 2024
whale buying and selling and its Impact on other traders This can’t be overemphasized. Such a big holding belonging to at least one entity would make that particular person one of the crucial 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 can also belong to Robinhood itself. The switch may 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 in the marketplace. The market is transferring slowly Entering another bullish stateand a major discount within the provide of those tokens on the Robinhood alternate helped scale 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), alternatively, is buying and selling at $0.00001791, up a extra modest 0.5% in the identical 24 hours. In different information, on-chain information exhibits DOGE whale has been buy quietly As much as thousands and thousands of Dogecoins.
Featured picture from TheStreet, chart from TradingView
