Stunning $1 Million Shiba Inu (SHIB) Pullout Shakes Robinhood

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

There has not been much significant activity with the Shiba Inu token (SHIB) in the last 24 hours, despite a sharp shift in price to the positive side. Perhaps the only transfer worth noting is the withdrawal of 74.156 billion SHIB by Wintermute, a leading market maker with nearly $200 million in capital, from the platform of Robinhood, a leading broker in the United States.

A withdrawal equal in current prices to more than a million dollars was further moved between different market maker addresses. 

Further, however, the transaction history implies a large-scale shuffling of these tokens between different exchanges like Binance and OKX. As a result, Wintermute addresses known to Arkham currently hold 25.125 billion SHIB, which is equivalent to $360,800.

Source: Arkham Intelligence

Thus, what at first may have seemed like a colossal withdrawal, which are traditionally considered bullish signals, in fact turned out to be the usual work of a market maker.

Shiba Inu (SHIB) price outlook

While Wintermute shuffled billions of Shiba Inu tokens between centralized marketplaces, the price of SHIB, as mentioned, shows highly volatile behavior. It is ultra bullish, to be precise. 

Thus, since the beginning of the week, the price of Shiba Inu token has increased by more than 10.5%. As a result, SHIB quotes reached $0.0000146 - the maximum since the end of July. 

SHIB to USD by CoinMarketCap

How Wintermute's current actions will affect the quotes of the popular meme-inspired cryptocurrency is an open question. However, such activity is hardly without consequences on the SHIB price chart.