Massive 1.75 Trillion SHIB Coin Acquisition on Robinhood Sparks Price Surge Speculation
Release: 2024/05/02 18:13 Reading: 720
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Shiba Inu (SHIB) Eyes Bullish Breakout
The Shiba Inu cryptocurrency is making waves as 1.75 trillion SHIB coins are purchased, positioning the coin for a potential breakout. In the past month, 1.6 billion SHIB coins have been burned, reducing the total circulating supply.
Massive Purchase Ignites Speculation
An anonymous wallet has acquired two substantial chunks of SHIB coins, each containing 875,000,000,000 SHIB. This totals to 1.75 trillion SHIB, valued at $39.2 billion at the time of the transactions. This purchase has sparked speculation about a potential bullish breakout for the meme coin.
Analyst Predicts Bullish Breakout
Ali Martinez, a renowned cryptocurrency trader and analyst, has predicted a major bullish breakout for SHIB. According to Martinez, SHIB is forming a bull flag on the daily trading chart and is aiming to reach the $0.000072323 level. Over the last 24 hours, SHIB has attempted to surge by more than 9%, reaching $0.00002314. However, a subsequent decline took it back to $0.000002182, down 5.68%.
1.6 Billion SHIB Burned, Nuance Noted
In April, the Shiba Inu community reduced the total circulating SHIB supply by burning a substantial 1,695,717,536 SHIB. This was achieved through 204 transactions that locked these coins in unspendable blockchain wallets. However, it's crucial to note that most of these burns were not intentional. Investors mistakenly sent these tokens to the contract address, resulting in their permanent loss.
Conclusion
The recent massive purchase of SHIB coins and the reduction in the total circulating supply due to burns have garnered interest in the meme coin. Investors should exercise caution and double-check destination wallets before transacting to avoid losing their investments.
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