Shiba Inu: Whale Alert reported 445 billion SHIB collected by Robinhood whale in 24 hours. This suggests SHIB’s price may recover despite volatility.
In a stunning turn of events, despite the Shiba Inu (SHIB) cryptocurrency’s volatile market behavior in recent days, a whale has been reported acquiring a massive 445 billion coins from the Robinhood crypto trading platform.
This transaction has mirrored optimism regarding the future price fluctuations of the dog-themed meme cryptocurrency.
Significantly, data that has surfaced on the broader cryptocurrency market indicates that within the last twenty-four hours, a whale accumulated 445.86 billion SHIB in a single transaction at the $0.000027 price level.
Meanwhile, the token fluctuates between green and red regions, demonstrating its persistent volatility.
Whale Activity Glimmers Hope For SHIB
Whale Alert, an on-chain transaction tracker, captured the colossal SHIB accumulation from the unidentified wallet address 0x66E0.
This transaction emphasized the substantial crypto investor’s unwavering confidence in the meme-based asset.
Additional investigation revealed that, at the time of writing, this address had an astounding 527.37 billion SHIB tokens, valued at $13.76 million.
Chainlink (LINK), Uniswap (UNI), Matic (MATIC), and additional small-cap tokens were also in the portfolio.
Meanwhile, it is also noteworthy that the Shiba Inu burn rate has increased marginally by 119.40% over the past 24 hours, with 3.36 million SHIB incinerated.
However, as of this writing, the token remains in the red, consistent with broader crypto market trends.
Shiba Inu Price Tumbles, What’s Next?
SHIB’s price has dropped 4.59% in the last 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.
Considering the enormous accumulation of whales at the $0.000027 price level, minor losses accompanying the price decline could cause FUD.
The price action, however, might undergo a paradigm shift due to long-term prospects.
For context, should the combustion rate continue to increase, the Shiba Inu cryptocurrency may experience a trading period in the green.
Furthermore, similar to the previously mentioned transaction, additional purchasing pressure positions Shiba Inu in a bullish trajectory.
In recent months, SHIB’s Futures OI has experienced a meteoric rise, according to Coinglass data, demonstrating that investor confidence and enthusiasm for the meme coin have increased among crypto market participants.
In addition, the RSI fluctuated near 55, indicating modest upward pressure but overall neutrality.
Ahead, crypto market participants anticipate a potential bearish or bullish takeover.
However, as indicated by whales and the OI surge, the long-term balance leans more in favor of bulls due to token-burning chronicles and increased market interest.
Notably, today witnessed the transfer of 16.5 billion SHIB from TRON founder Justin Sun to the Poloniex multi-signature address 0x290, which has sparked speculation regarding the reason for the transfer.
Despite this, the TRON founder holds a staggering 455.6 billion SHIB, which suggests he is optimistic about the token’s future prospects.
