- A Shiba Inu whale wallet recently made a series of large transactions on Robinhood, accumulating around 1.75 trillion $SHIB tokens, equivalent to approximately $40 million.
- Whale Alert, a whale monitoring service, first noticed the whale’s accumulation and highlighted two massive SHIB transactions from Robinhood’s wallets to unknown wallets.
- This whale activity coincides with a potential bullish signal for SHIB, as pointed out by prominent cryptocurrency trader Ali Martinez.
A Shiba Inu whale wallet has made a series of large transactions on Robinhood, accumulating a staggering 1.75 trillion $SHIB tokens. This activity coincides with a potential bullish signal for SHIB.
Shiba Inu Whale Activity
An anonymous Shiba Inu whale wallet recently executed a series of large transactions on the popular Robinhood exchange. The whale accumulated a staggering 1.75 trillion $SHIB tokens, valued at roughly $40 million. The whale’s accumulation was first spotted by whale monitoring service Whale Alert, which pointed to two massive SHIB transactions off of Robinhood’s wallets to unknown wallets. Both transactions were of 875 billion SHIB, worth nearly $20 million.
Potential Bullish Signal for SHIB
This whale activity coincides with a potential bullish signal for SHIB. According to a recent post by Ali Martinez, a prominent cryptocurrency trader, Shiba Inu’s daily chart appears to be forming a “bull flag,” a technical indicator suggesting an imminent price surge. Anticipating 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.
Decrease in SHIB Exchange Netflow
As reported by CoinOtag, the meme-inspired cryptocurrency has seen its reserves on centralized cryptocurrency exchanges drop to their lowest level since February 2022, according to blockchain analytics firm CryptoQuant. CryptoQuant’s data also shows a predominantly negative SHIB exchange netflow over the past week, indicating a large movement of tokens from centralized exchanges to self-custody wallets. This suggests a decrease in immediate selling pressure, which is generally considered a bullish signal.
Other Bullish Indicators for Shiba Inu
Beyond these exchange-related metrics, other developments within the Shiba Inu ecosystem also hint at a potential price rise. A growing SHIB burning rate is helping remove tokens from circulation and reduce circulating supply. SHIB’s cryptocurrency community has helped it maintain a strong social activity, with social intelligence firm Lunar Crush noting earlier this month that SHIB is “signaling bullish” as it has been seeing increasing social activity paired with accelerating market volume and rising price action.
Conclusion
Overall, the recent whale activity, combined with other bullish indicators such as a potential bull flag formation, a decrease in SHIB exchange netflow, and a growing SHIB burning rate, suggest a potential price rise for Shiba Inu. As the cryptocurrency community continues to monitor these developments, it remains to be seen how these factors will influence SHIB’s price in the future.
