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Crypto data tracker Whale Alert has spotted significant Shiba Inu movement over the past 24 hours. An address named Robinhood received a large transfer of 3 trillion SHIB tokens worth around $50 million from an unknown wallet.
Whale alert reported: “3,023,255,579,400 SHIB ($49,933,096) was transferred from an unknown wallet to an unknown wallet.”
Robinhood's acquisition of SHIB coincides with a remarkable rally for the token, which has soared more than 70% in the past 24 hours, reaching a high of $0.00002888 in early trading on Saturday.
SHIB a outperformed many other major cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, and rose to 11th place in the market capitalization rankings, with a valuation of over $12.8 billion.
At the time of writing, SHIB was up 62.20% over the past 24 hours to $0.00002149. The dog token is also expected to post its best weekly close since October 2021, currently up 129%, according to data from CoinMarketCap.
What happened on-chain before SHIB's massive pump?
As Shiba Inu price soared by around 70% in the last 24 hours, on-chain analytics platform Spot On Chain reports what happened on-chain over the last three days leading up to the pump .
Spot on the channel highlights three events that could have contributed to SHIB's price rise. First, a “smart trader” purchased 75.91 billion SHIB, now worth $1.51 million, from Binance two days before the pump. This trader has now made over $614,000 in profits on his Shiba Inu purchase.
Second, MakerDAO co-founder Rune reportedly first purchased 7.41 billion SHIB for 100,000 USDC and earned approximately $47.1 billion from his SHIB purchase.
Third, a wallet named UPbit accumulated 2.13 trillion SHIB, now worth $42.3 million, in the last 24 hours. Currently, this wallet is the seventh largest SHIB portfolio, with 12.45 trillion SHIB worth $247 million.