• Shiba Inu daily trade volume on the world's largest cryptocurrency exchange has exceeded Ethereum and Solana. 
  • Commission-free exchange Robinhood teased SHIB listing on a recent Instagram story, no official announcement yet. 
  • Ethereum whales continue SHIB accumulation as the memecoin's on-chain activity explodes.
  • The Shiba Inu holder who turned $8,000 to $5 billion has moved SHIB holdings to four new wallets.

Shiba Inu token's on-chain activity witnessed a massive spike as SHIB daily trade volume exceeding Ethereum, Solana and Binance Coin on Binance. Rumors of a Robinhood listing have fueled the rise in SHIB trade volume across spot exchanges. 

Shiba Inu coin flipped Ethereum and Ethereum-killers on world's largest exchange 

According to data from crypto data aggregator CoinGecko, the daily trade volume (24h) for Shiba Inu has exceeded Ethereum, Binance Coin, Solana, Dogecoin, and others Ethereum-killer projects in the USD Tether markets. 

Rumors of Shiba Inu token's listing on Robinhood pushed the memecoin's price higher over the past month. The commission-free exchange recently published a question featuring the Shiba Inu token on an Instagram story, sparking the rumors of an upcoming SHIB listing. 

A petition to list SHIB on Robinhood hosted on Change.org has now exceeded 500,000 signatures, making it one of the most popular ones on the platform. 

While proponents have criticized the memecoin for its large concentration by whale wallets, large wallet investors continue SHIB accumulation. An Ethereum whale recently added 153 billion SHIB tokens to their portfolio. 

The whale wallet's largest ERC-20 holding is the SHIB token. 

SHIB accumulation by Ethereum whale

SHIB accumulation by Ethereum whale.

Historically, accumulation by whales has triggered a rally in SHIB, sending the Shiba-Inu-themed cryptocurrency to its all-time high. 

Another mysterious whale, famous for turning a profit of over $5 billion from an $8,000 purchase of SHIB tokens in August 2020, is moving holdings to new wallets. The new wallets are not associated with exchanges, and experts are awaiting a move by the SHIB whale. 

The wallet was dormant for over a year, and started moving the SHIB token holdings on November 3. 

A cryptocurrency analyst at the YouTube channel "TheFinanceValueGuy," recently analyzed the SHIB price trend. The analyst has noted that the SHIB token has notoriously bounced from $0.00005 several times in the past.

The analyst believes that selling pressure from whale accounts has triggered the recent drop in SHIB price. Drawing similarities in SHIB and DOGE price trends, the analyst expects Shiba Inu to hit a new all-time high. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple does not stand a chance against SEC, affirms former securities regulator

Ripple does not stand a chance against SEC, affirms former securities regulator

Former Chief Robert Cohen believes the Securities & Exchange Commission's (SEC) ’s case against payment giant Ripple is key, however the outcome may not be as significant. The regulator is likely to file a motion for reconsideration on losing the case against Ripple. 

More Ripple News

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano price is at a point in its journey where things could go either way. As ADA consolidates above a stable support level, things could turn ugly if it breaks or bullish if it bounces. Therefore, investors need to be careful with their decision.

More Cardano News

Why this boring phase of LUNA price will result in handsome returns

Why this boring phase of LUNA price will result in handsome returns

LUNA price has been consolidating tightly since June 30, after undoing the gains seen over the previous week. This small range, suggests that an explosive move is around the corner, although the direction of a breakout remains to be seen.

More Terra News

Argentines take refuge in stablecoins after economy minister resignation

Argentines take refuge in stablecoins after economy minister resignation

Following the resignation Saturday of Argentina's economy minister Martin Guzmán amid an economic crisis, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend, crypto companies in the country told CoinDesk.

More Cryptocurrencies News

Bitcoin: This support level can define BTC’s fate

Bitcoin: This support level can define BTC’s fate

Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

Read full analysis

BTC

ETH

XRP