{"id":313225,"date":"2024-05-30T17:21:51","date_gmt":"2024-05-30T11:51:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/whale-bags-445-bln-shib-at-0-000027-price-recovery-ahead-crypto-news\/"},"modified":"2024-05-30T17:27:37","modified_gmt":"2024-05-30T11:57:37","slug":"whale-bags-445-bln-shib-at-0-000027-price-recovery-ahead-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/whale-bags-445-bln-shib-at-0-000027-price-recovery-ahead-crypto-news\/","title":{"rendered":"Whale Bags 445 Bln SHIB At $0.000027, Price Recovery Ahead? – Crypto News"},"content":{"rendered":"

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In a riveting turn of events, despite the Shiba Inu (SHIB) cryptocurrency\u2019s 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\u2019s future price movements.<\/p>\n

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\u2019s volatility remains palpable, with it oscillating between red and green territories during the same period.<\/p>\n

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Whale Activity Glimmers Hope For SHIB<\/h2>\n

According to the on-chain transaction tracker Whale Alert\u2019s data, the unknown wallet address 0x66E0 was recorded, making the colossal SHIB accumulation<\/a>. This transaction underscored a strong sense of confidence in the large-scale crypto investor surrounding the meme-based asset.<\/p>\n

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.<\/p>\n

Meanwhile, it\u2019s 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<\/a> trends.<\/p>\n

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Also Read: OpenAI Apple Deal: AI Makes Way Into IOS & macOS, Optimism Builds Ahead Of WWDC24<\/a><\/strong><\/p>\n

Shiba Inu Price Tumbles, What\u2019s Next?<\/h2>\n

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SHIB\u2019s price<\/a> has fallen 4.59% in the past 24 hours and is currently trading at $0.0000264. The meme-themed crypto\u2019s 24-hour lows and highs were recorded as $0.00002568 and $0.00002844, respectively.<\/p>\n

Looking at the whale\u2019s 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.<\/p>\n

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.<\/p>\n

Coinglass data illustrates a phenomenal spike in SHIB\u2019s Futures OI over recent months, underscoring growing investor enthusiasm and confidence for the meme coin among crypto market participants.<\/p>\n

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Besides, the RSI<\/a> 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.<\/p>\n

Also, it\u2019s 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\u2019s future potential.<\/p>\n

Also Read: Dogecoin (DOGE) Price Drops 4% Amid Meme Coin Slump, What\u2019s Behind The Underperformance?<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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