Bullish: Shiba Inu whale stacks $40 million in SHIB
Release: 2024/05/03 21:49 Reading: 636
Observing the movements of smart whales can provide valuable insights for crypto traders and investors navigating the waters of cryptocurrency. These highly capitalized addresses have a profitable trading history.
On May 1, an anonymous wallet executed a major transaction on the Robinhood exchange, acquiring 1.75 trillion Shiba Inu (SHIB) tokens, valued at approximately $40 million.
The data from Whale Alert shows that this substantial acquisition involved two separate transfers, each moving 875 billion SHIB in under a minute.
The massive transactions occurred from Robinhood to the wallet address ‘0x73AF3bcf944a6559933396c1577B257e2054D935.’ According to Etherscan data, this wallet has previously moved SHIB to and from Robinhood as well. Over the past month, this address has engaged significantly in the SHIB market with high-volume transactions. Notably, it transferred 3 trillion SHIB into Robinhood on April 24, showcasing a pattern of regular inflows and outflows with the platform. This behavior underscores its considerable influence in the market, with the wallet currently holding over 5.88 trillion SHIB, valued at approximately $128 million.
Market Impact and Predictions
Professional crypto trader Ali Martinez mentioned in a post on X (formerly Twitter) recently that Shiba Inu appears to be forming a bull flag on its daily chart. A bull flag is a bullish pattern, suggesting that the crypto asset is poised for further upward movement. Anticipating this, the crypto analyst revealed that he is placing buy orders around $0.000018343, aiming for a bullish breakout that could propel Shiba Inu’s price to $0.000072323.
Despite the market’s recent dips, the trading volume and wallet activities suggest continuous interest in Shiba Inu tokens, highlighting the volatile yet intriguing nature of cryptocurrency investments. According to data from Coinmarketcap, the Shiba Inu daily trading volume has risen approximately 40%. This surge is driven mostly by the Binance crypto exchange, whose Japanese arm announced a number of sought-after trading pairs, including SHIB.
SHIB Price Analysis
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SHIB 1 day price chart. Source. Finbold
As of press time, Shiba Inu was changing hands at a price of $0.00002363, recording an increase of 3.18% in the last 24 hours. The current market activity surrounding Shiba Inu reflects a vibrant and dynamic market. Observations and analyses provided by market experts suggest a bullish outlook for SHIB, making it a noteworthy consideration for investors looking for exposure in the cryptocurrency space.
As the market continues to evolve, it will be crucial for investors and analysts alike to stay informed of such trends and movements to optimize their strategies in the ever-changing landscape of digital assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://thebittimes.com/bullish-shiba-inu-whale-stacks-40-million-in-shib-tbt87354.html
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