Crypto whale transaction tracker Whale Alerts recently uncovered an interesting on-chain transaction involving popular meme coins. Shiba Inu And Dogecoin Along with the popular cryptocurrency exchange Robinhood.
This transaction, which took place over the past 24 hours, involved the transfer of 800 million DOGE tokens and 2.7 trillion SHIB tokens, respectively, from the exchange to unknown wallets. As expected, the massive volume of these transfers has sparked interest, prompting further analysis of on-chain data to determine the motivation behind them.
Transaction analysis
When analyzing the DOGE transaction first, the notable transaction involved the transfer of 800 million DOGE tokens from Robinhood to an unknown wallet “DEgDVF.” This transfer was executed in two separate transactions, each consisting of 400 million DOGE tokens.
At the time of these transactions, each transfer was worth approximately $50.27 million, making the total value of DOGE tokens transferred approximately $100.54 million. At the time of writing, the “DEgDVF” address holds 31 billion DOGE tokens worth $4.17 billion, making it one of the largest DOGE holders.
🚨 🚨 🚨 400,000,000 #Doug (50,338,797 USD) converted from #Robin Hood to unknown wallethttps://t.co/Lg71fA5yYl
— Whale Alert (@whale_alert) July 19, 2024
Shifting attention to the SHIB transaction shows that 2.7 trillion SHIB tokens were sent to address “0x40B3”. At the time of the transfer, these tokens were worth $48.3 million. Address “0x40B3” is also one of the largest SHIB holders and currently holds 36.6 trillion SHIB tokens with a market cap of $654 million.
🚨 🚨 2,700,000,000,000 #SHIB (48,343,500 USD) transferred from #Robin Hood to unknown wallethttps://t.co/6aMEc1Vr3E
— Whale Alert (@whale_alert) July 19, 2024
Whale Transactions and Their Effects Effects on other traders This cannot be overstated. Such massive holdings belonging to a single entity would make the individual one of the most influential meme coin holders. The decision to sell a significant portion of holdings would have profound effects on the price of DOGE, SHIB, and other meme coins.
Given the large holdings of both addresses “DEgDVF” and “0x40B3,” it’s safe to assume that both anonymous addresses likely belong to Robinhood itself. The transfer may simply be a strategic move toward cold storage by the cryptocurrency exchange.
Regardless of the exact identity of the wallet, the movement of such large amounts of DOGE and SHIB tokens has implications for the market. The market moves slowly. to another bullish stateThe significant drop in the supply of these tokens on the Robinhood exchange is also contributing to the reduction in selling pressure.
At the time of writing, Dogecoin (DOGE) is trading at $0.1313, reflecting a 3.5% increase over the past 24 hours. On the other hand, Shiba Inu (SHIB) is trading at $0.00001791, showing a more modest 0.5% increase over the same 24-hour period. In other news, on-chain data shows that DOGE whales have been buy quietly Millions of Dogecoins.
Featured image by TheStreet, chart by TradingView