Shiba Inu Up 20% After Whale Buy, Robinhood Support

Shiba Inu Up 20% After Whale Buy, Robinhood Support
  • A total of 2.41 billion SHIB burned to make the token more scarce and increase its price.
  • A whale purchased a total of 775 billion SHIB ($20.8 million).
  • Trading app Robinhood finally listed SHIB on its platform.

The price of the popular meme coin Shiba Inu (SHIB) has increased up to 20% since the end of last week for three reasons. Firstly, Shiba Inu initiated a burning of 2.41 billion SHIB, shrinking the total supply and making it more scarce.  Secondly, a whale purchased an astonishing amount of 775 billion SHIB, worth more than $20 million at the time of the transaction. Finally, Robinhood trading app has just listed SHIB.

SHIB Token Burned

The burned 2.41 billion SHIB has been transferred to alleged inferno wallets, with the purpose to make the popular dog token more scarce and increase its price.

People can track the burning of SHIB tokens on the shibburn.com website. The Shibburn tracking website shows a series of portions of its SHIB burned, amounting to a total of 2.41 billion tokens.

Whale Buys Huge Amount of SHIB

According to the tweet of @WhaleStats, a whale that goes by the name “BlueWhale0073” bought a large sum of 775,473,150,952 SHIB, $20,697,378 at the time of the transaction.

According to the tweet, the ether (ETH) whale is ranked number 12 on WhaleStats. WhaleStats is a service that tracks the top 100 wallets on the Ethereum blockchain, they’re able to see what are the most valuable wallets (in USD), what these wallets hold, what these wallets are trading into, and so forth. 

SHIB Support Added to Robinhood

Meanwhile, a well-known investment and trading app Robinhood is adding a couple of support which include SHIB, Solana (SOL), Polygon (MATIC), and Compound (COMP). 

Based on the reports, SHIB has been finally added by Robinhood following a petition signed by more than 500k “SHIB Army” to request the trading app to add Shiba Inu to its platform. The recently added tokens to Robinhood have seen a rise in market prices after the company’s announcement.

Generally, the crypto market has been down these past few days. Market values of most tokens have pulled back to before Robinhood’s announcement. At the time of writing, SHIB’s market value is at $0.00002582, down 3.34% over the past 24 hours. Shiba Inu’s coin has been ranked 15 in the largest market cap based on CoinMarketCap.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.