1.75 Trillion SHIB Suddenly Disappears from Robinhood as Price Readies for Breakout
A major development has occurred in the world of cryptocurrency, as almost two trillion Shiba Inu meme coins have been mysteriously withdrawn from popular investment platform Robinhood. This massive transfer was picked up by blockchain sleuth Whale Alert, leaving many wondering where the coins may have ended up.
The transfer consisted of two extremely large chunks, each containing a staggering 875 billion SHIB coins. This amounts to a total of 1.75 trillion SHIB, valued at an impressive $39.2 billion at the time of the transaction. The coins were transferred to an unknown wallet under the code name -4D935.
Meanwhile, renowned cryptocurrency trader and analyst Ali Martinez has identified a potential breakout for SHIB. He observed the formation of a bull flag on the daily trading chart, indicating a bullish trend. Martinez predicts that the price of SHIB could rally to the $0.000072323 level and has placed several buy orders at around the $0.000018343 price mark.
In the past 24 hours, SHIB attempted a surge of over 9%, reaching a high of $0.00002314. However, a subsequent decline brought the price back down to $0.000002182, representing a 5.68% decrease.
April saw significant activity within the Shiba Inu community, with an impressive 1.6 billion SHIB coins burned. This was achieved through 204 transactions that locked the coins in unspendable blockchain wallets. However, it is worth noting that these burns were not intentional, but rather a result of investors mistakenly sending their tokens to the Contract Address, rendering them irretrievable.
Shibburn, the explorer tracking SHIB transactions, emphasized the importance of double-checking destination wallets before making any transactions, as these mistakes can result in permanent loss of investment.
Despite these recent burns, the SHIB army has struggled to maintain a positive burn rate in the past 24 hours, with a total of 2,027,495 meme coins destroyed, representing an 11.80% decrease.