A mysterious whale recently transferred 3 trillion SHIB tokens, valued at approximately $75.9 million, from an undisclosed wallet to the popular trading platform Robinhood . This significant move coincided with a notable 11% surge in SHIB's price, sparking speculation among market participants about potential strategies at play. The price of Shiba Inu has climbed over 11% in the past day, reaching a trading volume of $1.23 billion .

Shiba Inu (SHIB), a meme-inspired cryptocurrency, has witnessed remarkable activity from whales, causing a stir among investors. Despite market turbulence, Shiba Inu managed to ignite bullish sentiments across the cryptocurrency landscape, supported by on-chain data indicating a robust market uptrend . Arkham Intelligence's data revealed significant SHIB inflows and outflows across various exchanges. We've identified the transfer of 919 billion SHIB tokens into Coinbase's hot wallet.

The whale transaction led to a period of sideways trading, as indicated by TradingView's charts. This sideways movement underscored the substantial selling pressure exerted by the whale transaction, leading to uncertainties about SHIB's short-term performance . However, the memecoin is still up by over 8% in the last 24 hours, with a market cap of $14.9 billion .

Amidst the heightened activity, the SHIB burn rate surged by over 306% in the last 24 hours, with a staggering 9,651,208 SHIB tokens burned within a single day . Despite this, Shiba Inu's price held relatively steady at $0.00002543, indicating a robust market uptrend.