Shiba Inu Coin: Whale Bags 445 Bln SHIB At $0.000027, Price Recovery Ahead?

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Whale Bags 445 Bln SHIB At $0.000027, Price Recovery Ahead? – Crypto News

Published

2 years ago

May 30, 2024

Dripp

In a riveting turn of events, despite the Shiba Inu (SHIB) cryptocurrency’s turbulent price action witnessed in recent days, a whale has been recorded bagging a whopping 445 billion coins from the Robinhood crypto trading platform. This transaction has echoed optimism for the dog-themed meme cryptocurrency’s future price movements.

Notably, per data surfacing across the broader crypto market, a whale has accumulated 445.86 billion SHIB at the $0.000027 price level in a single transaction within the past 24 hours. In the interim, the token’s volatility remains palpable, with it oscillating between red and green territories during the same period.

Whale Activity Glimmers Hope For SHIB

According to the on-chain transaction tracker Whale Alert’s data, the unknown wallet address 0x66E0 was recorded, making the colossal SHIB accumulation. This transaction underscored a strong sense of confidence in the large-scale crypto investor surrounding the meme-based asset.

Upon further digging, it was found that this address held a staggering 527.37 billion SHIB tokens worth $13.76 million as of writing. Other token holdings included Chainlink (LINK), Uniswap (UNI), Matic (MATIC), and other small-cap tokens.

Meanwhile, it’s also worth noting that the Shiba Inu burn rate in the past 24 hours has jumped slightly by 119.40%, with 3.36 million SHIB incinerated. However, the token continues to trade in the red while writing, aligning with broader crypto market trends.

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Shiba Inu Price Tumbles, What’s Next?

SHIB’s price has fallen 4.59% in the past 24 hours and is currently trading at $0.0000264. The meme-themed crypto’s 24-hour lows and highs were recorded as $0.00002568 and $0.00002844, respectively.

Looking at the whale’s colossal accumulation at the $0.000027 price level, slight losses emerging with the tumbled price movement might be sparking FUD. However, large-term prospects may facilitate a paradigm shift in the price action.

For context, should the burn rate continue to rise, a trading period in the green territory might emerge for the Shiba Inu crypto. Moreover, as with the abovementioned transaction, further buying pressure paves a bullish path for Shiba Inu ahead.

Coinglass data illustrates a phenomenal spike in SHIB’s Futures OI over recent months, underscoring growing investor enthusiasm and confidence for the meme coin among crypto market participants.

Besides, the RSI hovered somewhere around 55, flagging the presence of slight upside pressure but broader neutrality. Crypto market participants await a potential takeover by bulls or bears ahead, with the balance tipping more toward a bullish favor in the long run due to token-burning chronicles and increased interest in the market, as hinted by whales and OI spike.

Also, it’s worth mentioning that TRON founder Justin Sun was recorded shifting 16.5 billion SHIB to Poloniex multi-signature address 0x290 today, stirring speculations over the motive of transfer. Nonetheless, the TRON founder still holds a staggering 455.6 billion SHIB, hinting at confidence in the token’s future potential.

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