Despite the crypto market’s bearish performance on June 11, Shiba Inu coin (SHIB) has seen significant investor interest. A whale investor has accumulated a massive 600 billion SHIB coins from the well-known trading platform Robinhood, even amid the token’s recent price dip.
This large purchase has generated substantial optimism about SHIB’s future price movements. Here’s a closer look at the reasons behind this optimism and some additional on-chain statistics for SHIB.
Whale Accumulation Sparks Optimism for Shiba Inu Coin (SHIB)
Despite the broader crypto market’s bearish trend on June 11, Shiba Inu coin (SHIB) has attracted significant investor interest. A whale investor recently accumulated 600 billion SHIB coins from Robinhood, generating optimism about the token’s future price movements.
On-chain tracker Whale Alert reported that 600 billion SHIB, valued at $13.71 million, was transferred from Robinhood to an unknown wallet address (0x73af3bcf) on June 11, when SHIB was trading at $0.000022.
Notably, the same wallet had previously moved 3 trillion SHIB to Robinhood when the token was priced at $0.000025. This suggests the whale might be using a ‘buy-the-dip’ strategy, re-entering the market now in anticipation of future gains.
Despite this significant buying activity, SHIB’s price declined today. This drop coincides with 4.29 trillion SHIB being transferred to Coinbase by ten different wallets, according to ‘The Data Nerd.’ The average entry price for these wallets was $0.00001309, indicating potential profit-taking of $41.22 million at the current price.
Shiba Inu Coin (SHIB) Faces Downward Pressure Amid Market Volatility
As of now, the price of Shiba Inu coin (SHIB) has slipped 2.05% in the past 24 hours, trading at $0.00002244. The meme coin’s 24-hour low and high are $0.00002227 and $0.00002358, respectively.
SHIB’s Relative Strength Index (RSI) is hovering near 38, indicating downside pressure on the asset. Continued selling pressure could further drive prices down, whereas significant buying, like the recent whale accumulation, could initiate an upward price trajectory.
Additionally, the meme coin’s burn rate has spiked notably in the past 24 hours. Crypto market enthusiasts continue to closely monitor SHIB as bulls may take control of the token as the market recovers.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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