1.75 trillion SHIBs mysteriously snapped up by Robinhood with price on verge of breakout

Renowned blockchain investigator Whale Alert, which tracks large cryptocurrency transfers, has spread the word about nearly two trillion Shiba Inu meme coins leaving Robinhood for an unknown wallet.

Two staggering SHIB shares were seized on the popular investment platform and withdrawn about eight hours ago. Meanwhile, according to a well-known analyst, the SHIB expects a bullish turn. Meanwhile, in April, nearly two billion SHIBs were burned, mostly by mistake.

1.75 trillion SHIBs purchased as coin breakouts

The aforementioned source shared that in the past eight hours, a mysterious -4D935 wallet has collected two massive blocks containing 875,000,000,000 SHIB each. This is 1.75 trillion SHIB meme coins in total valued at $39.2 billion at the time the transactions were made.

🚨 875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E

— Whale Alert (@whale_alert) May 1, 2024

Meanwhile, popular cryptocurrency trader and analyst Ali Martinez tweeted on Wednesday that he spotted the second largest meme coin, SHIB, forming a bullish flag on the daily trading chart.

He predicts that SHIB will aim to make a major bullish breakout at the $0.000072323 level and is placing some buy orders at the price around $0.000018343.

Over the past 24 hours, SHIB has already attempted to register a rise of over 9%, reaching $0.00002314. However, the subsequent decline brought it back to $0.000002182, or down 5.68%.

1.6 billion SHIBs burned in the last month, here are the nuances

According to a recent tweet posted by explorer Shibburn, in April, the Shiba Inu community has done an impressive job of reducing the total supply of SHIBs in circulation by burning a whopping 1,695,717,536 SHIBs.

This result was achieved thanks to 204 transactions that locked all those meme coins in unspendable blockchain wallets. However, Shibburn clarified that all of these burns were not entirely normal. All these tokens were lost forever due to investors mistakenly sending them to the contract address.

These people lost their investment, Shibburn pointed out in the tweet, urging the cryptocurrency community to be careful and double-check target wallets before making any transactions.

🔥🔥🔥 In the month of April, 1,695,717,536 $SHIB tokens were burned with 204 transactions. #SHIB

Please note: Most of the $SHIB burned this month was sent to the contract address. This isn’t due to big news or anything like many have reported… it’s just people… pic.twitter.com/QPk09fWit3

– Shibburn (@shibburn) May 1, 2024

As for new daily burns, over the past 24 hours, the SHIB Army was unable to keep the SHIB burn rate in green (-11.80%) with 2,027,495 meme coins destroyed.

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