Ethereum Whale Buys 58.9 Million Shiba Inu ($SHIB) Amid Robinhood Listing Rumors

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An Ethereum whale with over $3.7 million in assets on its wallet has made a hefty investment in the meme-inspired cryptocurrency Shiba Inu ($SHIB) shortly after a popular business account on social media claimed Robinhood is set to list SHIB “as early as February.”

According to whale monitoring resource WhaleStats, the Ethereum whale moved to buy 58.9 billion SHIB, then worth around $1.9 million, while the meme-inspired cryptocurrency’s price was surging after rumors of the Robinhood listing started circulating.

The whale’s biggest position is notably in SHIB, followed by the popular USDC stablecoin and Ethereum’s ether. Its next largest position is in Crypto.com’s $CRO, of which it owns $358,0000, followed by The Sandbox ($SAND), of which it owns $96,000. On the Binance Smart Chain, the whale holds tokenized versions of BTC and ETH.

As CryptoGlobe reported, SHIB’s price surged earlier after ZeroHedge tweeted out the meme-inspired cryptocurrency may soon be listed on commission-free trading platform Robinhood (NASDAQ: HOOD).

While some users reacted with excitement, others preferred to wait for an official announcement from the company. As CryptoGlobe has been reporting, the Shiba Inu community has created a petition titled “Kindly request of Robinhood to list Shiba Inu coin” that has gathered over 555,000 signatures.




In mid-October, the petition had around 240,000 signatures. It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. As CryptoGlobe reported, Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.

Notably, data has shown that whale transactions have helped fuel Shiba Inu’s price rise this year. According to cryptocurrency analytics firm Santiment, SHIB transactions exceeding $100,000 have generally surged ahead of cryptocurrency price rises. Notably, whales may be accumulating even more of the cryptocurrency ahead of these rises.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay





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