Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t?
13 March 2024 - 11:30AM
NEWSBTC
Shiba Inu (SHIB) whales have been busy in the market lately, as
on-chain data suggests that they are positioning themselves for
more moves to the upside from the meme coin. This development comes
as the crypto token inches close to its all-time high (ATH).
Shiba Inu Whale Accumulates 332 Billion SHIB Tokens On-chain data
shows that over 332 billion SHIB was sent from the trading firm
Cumberland to a wallet linked with the crypto trading platform
Robinhood. While the nature of the transaction remains unclear,
further data from Etherscan shows that the Robinhood-linked wallet
has been accumulating SHIB on a large scale these past few
days. Related Reading: Crypto Expert Reveals Why Bitcoin
Could Hit $200,000 By April Besides the single transaction of 332
billion SHIB, the wallet has also seen millions of SHIB tokens flow
into it. A plausible explanation is the fact that the trading
platform is seeing increased interest in the meme coin from its
customers and has had to stack up on its SHIB holdings. Data from
Arkham Intelligence shows that Robinhood holds almost 40 trillion
SHIB tokens. Meanwhile, Robinhood looks to be just one
of many platforms on which SHIB trading has heightened. On-chain
data shows that crypto exchange Crypto.com has significantly
increased its SHIB holdings in the last 24 hours. Notably, there
was an inflow of 2 trillion SHIB tokens sent from one of the crypto
exchange’s hot wallets to another. NewsBTC had recently
reported that SHIB had seen a 20 times increase in March from its
February average of daily new addresses. Therefore, it is not
surprising that there is an increase in SHIB trading on these
platforms. This explosion in SHIB’s adoption is believed to
be due to the parabolic surge in the meme coin’s price this month,
with investors looking to position themselves ahead of more
potential price surges. Shiba Inu’s Price Expected To Keep
Rising Crypto analyst Ali Martinez recently laid out a scenario
where SHIB’s price could rise to as high as $0.000052. Moreover,
the crypto token looks to be reclaiming the support level of
$0.000033, which the analyst highlighted as critical. SHIB’s
bullish momentum is buoyed by the fact that meme coins are gaining
traction as one of the leading narratives in this bull cycle.
Related Reading: 94 Million XRP Exits Binance As Bulls Reclaim
Control, What’s Going On? Crypto analyst Michaël van de Poppe also
mentioned that altcoins like SHIB are still undervalued, meaning
there is still room for a further upward trend. The analyst expects
these crypto tokens to break their ATH or move close to it when
they make their next run. At the time of writing, SHIB is
trading at around $0.00003256, up in the last 24 hours according to
data from CoinMarketCap. SHIB price at $0.000032 | Source: SHIBUSDT
on Tradingview.com Featured image from Binance, chart from
Tradingview.com
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