As a researcher with a background in cryptocurrency and blockchain technology, I find the recent Shiba Inu whale activity to be an intriguing development in the world of meme coins. The massive withdrawal of approximately $40 million worth of SHIB from Robinhood by a single whale has sparked speculation among the community about potential price movements.
Shiba Inu‘s prominent investors, often referred to as “whales,” have become active once more, fueling curiosity about their intentions regarding the meme cryptocurrency. Among these whales, one has piqued the interest of the Shiba Inu community due to a significant withdrawal from Robinhood, a widely-used crypto and stock trading platform.
Whale Pulls Out Almost $40 Million From Robinhood
On June 20, transactions involving massive amounts of Shiba Inu tokens by a notable cryptocurrency investor, or “whale,” were identified and stirred intrigue in the digital currency community. These significant transactions were initially detected by Whale Alert, a well-known monitoring platform for on-chain whale activities. The report disclosed that this investor had withdrawn a staggering 2.2 billion SHIB from an exchange, equivalent to around $40 million at the time of the transfer.
As an analyst, I’ve noticed that a whale recently transferred its cryptocurrency coins to an unidentified wallet. This action might be bullish for the price because, typically, when whales move their coins to exchanges with the intention of selling, they add selling pressure, which can negatively impact the price. However, if a whale takes its coins out of exchange wallets, it could suggest that the whale doesn’t intend to sell and is instead holding onto the coins for potential higher prices.
As an analyst, I would interpret the current situation by saying that the whale’s actions indicate they have been accumulating rather than selling. Moreover, the substantial withdrawal of coins from Robinhood Exchange has noticeably decreased the available supply in the open market.
Despite the recent whale transaction, the price of SHIB hasn’t seen significant change and remains below $0.00002 as of now. This situation offers a good buying opportunity for investors seeking to invest at low prices.
Shiba Inu Still Has Legs
As a researcher, I’ve observed that despite the price dip experienced by the meme coin recently, optimism persists among analysts who predict another cryptocurrency market boom. Among them is Shiba Inu’s marketing head, LUCIE, who remains bullish about the coin’s future prospects.
As a crypto investor following LUCIE’s analysis, I can tell you that SHIB is currently in a pivotal phase based on her latest update using the Wall Street Cheat Sheet. This period signifies the cusp of Optimism, which historically marks when investors start gaining confidence that the current rally isn’t just a temporary surge.
Based on current market trends, the cost of Shiba Inu is projected to continue climbing as investors progress through the stages of Belief, Thrill, and ultimately Euphoria. According to LUCIE’s analysis, if her predictions hold true, then we have yet to witness the true extent of this rally, and the price of Shiba Inu could potentially reach even greater heights.
Currently, the SHIB price is having a hard time regaining the $0.000018 mark as support against bearish pressure. Nevertheless, if Bitcoin‘s price continues to stagnate, the market may experience additional losses during the weekend.
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2024-06-22 05:10