Whale Alert: Enormous 1.75 Trillion Shiba Inu ($SHIB) Purchase on Robinhood Sparks Speculation
A significant anonymous Shiba Inu whale wallet recently carried out a series of substantial transactions on the popular Robinhood exchange, amassing an astonishing 1.75 trillion $SHIB tokens, equivalent to approximately $40 million.
The whale’s accumulation was initially detected by the whale monitoring service Whale Alert, which drew attention to two massive SHIB transactions from Robinhood’s wallets to unknown wallets on the microblogging platform X (formerly known as Twitter). Both transactions involved 875 billion SHIB tokens, worth nearly $20 million each.
This whale activity coincided with a potential bullish signal for SHIB. Prominent cryptocurrency trader Ali Martinez pointed out that Shiba Inu’s daily chart seems to be forming a “bull flag,” a technical indicator suggesting an imminent price surge.
In anticipation of this breakout, Martinez revealed plans to place buy orders around the $0.000018343 mark, aiming to capitalize on a potential rise in SHIB’s price.
Additionally, blockchain analytics firm CryptoQuant reported that SHIB’s reserves on centralized cryptocurrency exchanges have dropped to their lowest level since February 2022. Data from CryptoQuant also revealed a predominantly negative SHIB exchange netflow over the past week, indicating a significant movement of tokens from centralized exchanges to self-custody wallets. This decrease in immediate selling pressure is generally regarded as a bullish signal.
Furthermore, developments within the Shiba Inu ecosystem, such as a growing SHIB burning rate, are helping remove tokens from circulation and reduce the circulating supply, hinting at a potential price rise.
The SHIB cryptocurrency community has played a crucial role in maintaining strong social activity, with social intelligence firm Lunar Crush noting an increase in social activity, accelerating market volume, and rising price action for SHIB.
Technical analysis also suggests a potential surge in the near future, as SHIB’s chart shows a symmetrical triangle pattern. This pattern is often interpreted by traders as a bullish signal and indicates that the price may continue in the same direction as before the triangle formed.
Overall, these recent developments and indicators have sparked speculation within the crypto community, with many closely monitoring the potential for a price rise in SHIB.
Featured image via Unsplash.