Crypto Whale Transaction Tracker Whale Alerts Reveals Interesting On-Chain Transaction Involving Shiba Inu and Dogecoin Alongside Robinhood

This transaction, which took place within the past 24 hours, involved the movement of 800 million DOGE and 2.7 trillion SHIB tokens

Crypto whale transaction tracker Whale Alerts recently highlighted some interesting on-chain transactions involving popular meme coins Shiba Inu and Dogecoin, along with the well-known crypto exchange Robinhood.

These transactions, which occurred within the last 24 hours, saw 800 million DOGE and 2.7 trillion SHIB tokens being moved from the exchange to unknown wallets, an event that has sparked curiosity within the crypto space.

Analyzing The Transactions

Beginning with the DOGE transaction, the notable transactions involved 800 million DOGE tokens being transferred from Robinhood to an unknown wallet “DEgDVF.” This transfer was carried out in two separate transactions, each comprising 400 million DOGE tokens.

At the time of these transactions, each transfer was valued at approximately $50.27 million, making the total value of the transferred DOGE tokens roughly $100.54 million. At the time of writing, address “DEgDVF” holds 31 billion DOGE tokens worth $4.17 billion, making it one of the largest DOGE holders.

Turning attention to the SHIB transaction shows the 2.7 trillion SHIB tokens being sent into address “0x40B3.” At the time of transfer, these tokens were worth $48.3 million. Address “0x40B3” is also one of the largest SHIB holders and currently possesses 36.6 trillion SHIB tokens with a market value of $654 million.

Whale transactions and their effects on other traders cannot be overstated. Such huge holdings belonging to one entity would make the individual one of the most influential meme coin holders. A decision to sell a major part of the holdings would have profound effects on the price of DOGE, SHIB, and other memecoins.

Given the substantial holdings of both addresses “DEgDVF” and “0x40B3,” it is safe to assume that both unknown addresses could as well belong to Robinhood itself. The transfer could just be a strategic movement into cold storage by the crypto exchange.

However, another possibility is that a large over-the-counter (OTC) trade is being executed through the exchange. Such trades typically occur off-exchange to avoid affecting the market price of the asset being traded.

In this case, the large quantity of DOGE and SHIB tokens being sold over the counter would not be visible on the exchange, thus minimizing any impact on the meme coin prices.

Regardless of the exact identity of the wallet, the movement of such large quantities of DOGE and SHIB tokens has implications for the market. The market is slowly moving into another bullish state, and the substantial reduction in the supply of these tokens on the Robinhood exchange contributes to a decrease in selling pressure.

At the time of writing, Dogecoin (DOGE) was trading at $0.1313, reflecting an increase of 3.5% over the past 24 hours. Shiba Inu (SHIB), on the other hand, is trading at $0.00001791, showing a more modest rise of 0.5% within the same 24-hour period. In other news, on-chain data shows that DOGE whales have been quietly buying up millions of Dogecoins.

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