• Shiba Inu is in the spotlight at the moment with over 1.7 trillion SHIB shifted between wallets.
• The Shiba Inu community remains optimistic about the impending price surge amid the latest updates.

The Shiba Inu (SHIB) ecosystem recently witnessed a substantial whale movement of about 1.7 trillion tokens. This activity which coincides with recent price volatility has left investors wondering about the next phase for SHIB.

The 1.7T SHIB Movement

On-chain data platform Etherscan identified the whale as the crypto trading platform Robinhood. According to the details, Robinhood transferred the 1.7 trillion SHIB from one of its wallets to another. The transaction was done in two separate transfers, with 875 billion SHIB tokens moved in the first and second legs.

Surprisingly, this is not the first time Robinhood has moved such a huge amount of SHIB between different wallets. Last month, the crypto trading platform transferred 3 trillion SHIB tokens in a single transaction. Robinhood likely initiated these transactions to meet the demands of customers to fulfill buy orders from them.

This can be deduced based on the fact that Robinhood recently listed the SHIB for its New York customers. Notably, the high activity of whale transactions on SHIB could set a price spiral for the token. Typically, whales create a surge in demand when they begin accumulating any given crypto, leading retail investors to follow the trend. This dynamic drives prices upward, resulting in what is commonly known as a bull run.

So far, Robinhood has built a formidable relationship with Shiba Inu, even though it only primarily serves the US market. According to a prior report by Crypto News Flash, Robinhood ranks among the top holders of the Shiba Inu token. Recently, the platform launched an Android wallet to support SHIB and other cryptocurrencies.

According to the on-chain analytics platform IntoTheBlock, other Shiba Inu investors appear to be actively accumulating SHIB. This suggests a bullish bid-ask volume imbalance for the meme coin. The surge in token burning is another bullish indicator for the meme coin. Data from the burn tracking website Shibburn reveals that token burns have surged by about 30% in the past week.

Shiba Inu’s Lead Developer Teases an Upcoming Project

Shytoshy Kusama, the lead developer for the Shiba Inu ecosystem recently teased an upcoming project. In an X post, Kusama posted the word “EVITA” in a GIF. In Latin, Evita means life.

The Shiba Inu community has already started attempting to interpret this cryptic message, but thus far, only speculations have been built. However, it is worth noting that previously posted cryptic statements often serve as a lead-up to a big announcement.

As of the time of this writing, SHIB is trading at $0.00002266, representing a price increase of 0.5% in the past day. However, the trading volume decreased by 2.4% to $382 million, while the market cap is standing at $13.4 billion.

As exciting updates kick up in the Shiba Inu ecosystem, investors eagerly await implications for the future price of SHIB.