Shiba Inu Soars on Robinhood Amidst Market Optimism and Whale Activity

Robinhood's latest cryptocurrency rankings reveal a surge in Shiba Inu (SHIB), surpassing other major coins. A substantial 300 million Dogecoin (DOGE) transfer to Robinhood has sparked speculation of a potential market breakout, attracting attention from investors and traders.

Shiba Inu Surges on Robinhood, Amidst Market Optimism

The popular cryptocurrency trading platform Robinhood has recently unveiled its weekly rankings, with Shiba Inu (SHIB) emerging as the frontrunner due to an 11% surge in value. This impressive performance surpasses that of other major cryptocurrencies, positioning SHIB as a standout performer in the current market landscape.

Litecoin (LTC) follows closely behind SHIB with an 8% price increase, while Chainlink (LINK) trails in third place with a gain of 6.1%. Aave (AAVE) and Ethereum Classic (ETC) have also ascended to the top five, experiencing gains of 4.8% and 3.5%, respectively, over the past week.

CardTezos (XTZ), Uniswap (UNI), Ethereum (ETH), Stellar (XLM), and Compound (COMP) complete the top 10 performers on Robinhood. U.Today has further reported that New York residents can now access Shiba Inu through the platform, a significant development considering the state's stringent regulatory framework. This move follows Robinhood's initial listing of SHIB in early 2022, a decision prompted by the community's relentless campaign for its inclusion.

Whale Alert Signals Potential Market Breakout

The prominent cryptocurrency monitoring account on Twitter, Whale Alert, has sent ripples through the market with its report of a substantial volume of Dogecoin (DOGE) being transferred to Robinhood, coinciding with DOGE's attempts to break out of its current price range.

Whale Alert detailed that 300 million DOGE, valued at roughly $47.9 million, had been transferred from an anonymous wallet to Robinhood. Additionally, the platform detected the movement of 129.6 million DOGE to another anonymous wallet, now holding a total of 1.73 billion DOGE.

This significant DOGE transfer was preceded by a massive transaction involving Shiba Inu, the second-largest meme cryptocurrency by market capitalization. Whale Alert uncovered the transfer of a staggering 3 trillion SHIB, equivalent to $79.9 million, from one anonymous wallet to another. Data from Etherscan revealed that the receiving address belonged to Robinhood, mirroring the pattern observed in the DOGE transfer.

Mysterious Whale Acquires Shiba Inu

Earlier this week, U.Today reported on another enigmatic whale purchasing 237.8 billion SHIB, worth $6.29 million, and transferring it to a cold wallet. This transaction occurred shortly after Shiba Inu leader Shytoshi Kusama and the SHIB team announced the acquisition of $12 million from reputable investors to establish a Layer-3 solution built upon Shibarium. The new L3 blockchain will prioritize transaction and user data privacy and security.

Meanwhile, DOGE, the progenitor of meme cryptocurrencies, has shown signs of recovery and is on the verge of a breakout. Over the past 24 hours, DOGE has experienced a 4.23% increase in value. Despite a minor setback since then, it has stabilized around the $0.1624 range as of the time of writing.