Crypto Whales Make Big Moves: $60 Million in Dogecoin and Shiba Inu Transferred – Is a Selloff Coming?

• Cryptocurrency whales have moved nearly $60 million in Dogecoin and Shiba Inu within a 24-hour period.
• Retail trading powerhouse, Robinhood, is central to several major memecoin transactions.

Recent activity in the cryptocurrency world has seen a remarkable movement of nearly $60 million in two of the leading memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), as crypto whales have made substantial transactions in a 24-hour time frame.

The most substantial singular transaction witnessed an anonymous wallet sending over 360 million DOGE, which equates to more than $21 million, to another unidentified wallet, as reported by blockchain tracking tool, Whale Alert.

Shiba Inu transactions also experienced significant movement. Whale Alert highlighted that Jump Trading, a cryptocurrency trading firm, transferred in excess of 1 trillion SHIB, equating to nearly $7 million, to an undisclosed wallet.

The renowned retail trading colossus, Robinhood, played a key role in the other significant memecoin transactions, including:

• A transfer of 101,224,068 DOGE, valued at over $6.2 million, from Robinhood to an anonymous wallet
• An influx of 204,977,642 DOGE, worth more than $12.6 million, from an unknown wallet to Robinhood
• A dispatch of 189,073,539 DOGE, nearing $11.65 million in value, from Robinhood to an undisclosed wallet

Robinhood’s wallet is currently the second wealthiest Dogecoin address worldwide, containing approximately $670 million worth of DOGE, which is around 7.72% of the token’s circulating supply, as revealed by BitInfoCharts.

Initially, Robinhood’s wallet held the title of the world’s most abundant, but early June saw the transfer of hundreds of millions of dollars worth of Dogecoin to an unidentified address. This address has since become the most affluent Dogecoin wallet, though any affiliation with Robinhood remains unclear.

At the time of writing, DOGE stands at a trading value of $0.062. Despite a modest 0.38% rise in the last 24 hours, it still holds its position as the 9th-ranked crypto asset by market capitalization. In contrast, SHIB is trading at $0.000007, a rise of 2.2% over the last day.

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