Shiba Inu Whale Accumulated 5.4 Trillion $SHIB After Robinhood Listing

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A Shiba Inu ($SHIB) whale has accumulated over 5.4 trillion tokens after the meme-inspired cryptocurrency was listed on the commission-free trading platform Robinhood, which has been reluctant to add it until now.

According to transactions first flagged by whale monitoring service WhaleStats, the whale has over 5.4 trillion SHIB after adding an additional 177 billion earlier this week. The whale, identified as “BlueWhale007,” only holds four cryptoassets on its portfolio, with SHIB representing the majority of its holdings.

Data from the blockchain shows that “BlueWhale007” appears to be receiving funds from the fifth-largest ETH wallet, identified as “BlueWhale0073.” That wallet has itself been accumulating the meme-inspired cryptocurrency.

Notably, BlueWhale007 only has four tokens on its wallet with over $150 million in assets. $136 million of those assets are in SHIB, while $12.4 million are in Polygon ($MATIC). An additional $5.5 million are in Compound ($COMP), the native token of the decentralized money market. The whale’s last holdings are $1,500  worth of Ethereum’s $ETH.

BlueWhale007 appears to have started accumulating tokens shortly after Robinhood listed SHIB. As CryptoGlobe reported, last year a petition for the meme-inspired cryptocurrency to be listed on Robinhood surpassed half a million signatures as the SHIBArmy rallied to improve the liquidity of SHIB. The petition had around 240,000 signatures in mid-October.

The listing was celebrated by the Shiba Inu community as a whole, but seemingly didn’t prompt long-term holders to divest of their holdings, as addresses holding SHIB for over a year have seen their balance rise by 57% in the last 30 days, according to IntoTheBlock data.

Shiba Inu developer “kaaldhairya” recently shared an upgrade of what he is currently working on for SHIB, while also noting the project’s decentralized exchange is getting “new ways to earn” and that its upcoming burn portal is set to allow users to earn rewards.

Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.”

The developer also mentioned the project’s stablecoin SHI, saying it’s “in development” and asking the cryptocurrency’s community to vote on their favorite collateral for it.

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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