Memecoins
1.75 trillion SHIBs mysteriously snapped up by Robinhood with price on verge of breakout
Yuri Molchan
Incredible amount of SHIB meme coins acquired on the popular investment platform by an anonymous whale
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Prominent blockchain investigator Whale Alert, which tracks large cryptocurrency transfers, has spread word of nearly two trillion Shiba Inu meme coins leaving Robinhood for an unknown wallet.
Two staggering SHIB shares were seized on the popular investment platform and withdrawn about eight hours ago. Meanwhile, according to a well-known analyst, the SHIB is observing a bullish turn. Meanwhile, in April, nearly two billion SHIBs were burned, mostly by mistake.
1.75 trillion SHIBs purchased as coin breakouts
The aforementioned source shared that in the last eight hours the mysterious wallet -4D935 has collected two huge blocks containing 875,000,000,000 SHIB each. This is 1.75 trillion SHIB meme coins in total valued at $39.2 billion at the time the transactions were made.
Meanwhile, popular cryptocurrency trader and analyst Ali Martinez tweeted on Wednesday that he had spotted the second largest meme coin, SHIB, forming a bull flag on the daily trading chart.
He predicts that SHIB will aim to go major bullish breakout at $0.000072323 level and is placing some buy orders around the $0.000018343 price.
Over the past 24 hours, SHIB attempted to rise more than 9%, reaching $0.00002314. However, the subsequent decline brought it back to $0.000002182, or down 5.68%.
1.6 billion SHIBs burned in the last month, here are the nuances
According to a recent tweet posted by explorer Shibburn, in April, the Shiba Inu community has done an impressive job of reducing the total supply of SHIBs in circulation by burning a whopping 1,695,717,536 SHIBs.
This result was achieved thanks to 204 transactions that locked all those meme coins in unspendable blockchain wallets. However, Shibburn clarified that all these burns were not just the usual ones. All these tokens were lost forever due to investors mistakenly sending them to the contract address.
These people lost their investment, Shibburn pointed out in the tweet, urging the cryptocurrency community to be careful and double-check target wallets before making transactions.
As for new daily burns, over the past 24 hours, the SHIB Army was unable to keep the SHIB burn rate in green (-11.80%), with 2,027,495 meme coins destroyed.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.