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A whale recently acquired 600 billion Shiba Inu coins from Robinhood, stirring market optimism for a price rally despite SHIB's recent sluggish performance.
SHIB Purchase from Robinhood Fuels Optimism Amid Market Downturn
According to CoinGape, the recent sluggish movement of the SHIB price near the $0.000022 level, a whale has seized a staggering 600 Billion coins from Robinhood, which has fueled optimism regarding future movements.
Despite the dog-themed meme token's remarkable price decline, the Shiba Inu coin (SHIB) has garnered noteworthy investor enthusiasm in the crypto market's adverse performance today, June 11. Amid the meme crypto's recent sluggish performance, a whale has been observed to accumulate a staggering 600 billion coins from Robinhood, a renowned crypto trading platform.
This accumulation has echoed substantial market optimism regarding the meme coin's future price fluctuations. The following is a more detailed examination of the reason for this and the supplementary on-chain statistics of SHIB.
Whale's 600 Billion SHIB Acquisition from Robinhood Signals Confidence Despite Market Volatility
As massive whale accumulations emphasize the undying confidence of large-scale crypto investors in the asset, typical market sentiments are riding an optimistic wave. The substantial accumulation of 600 billion SHIB has bolstered market optimism regarding the token's future price fluctuations.
On June 11, Robinhood transferred 600 billion SHIB, equivalent to $13.71 million, to an unknown wallet address 0x73af3bcf, as indicated by the data provided by the on-chain tracker Whale Alert. At the time of the transaction, the SHIB token was priced at $0.000022.
It is important to note that CoinGape Media previously reported that the exact address had offloaded a staggering 3 trillion SHIB to Robinhood when the token traded at the $0.000025 price level. This has sparked market sentiments regarding the whale's prospective "buy-the-dip" strategy, which involves re-entering the market and suggesting that there may be future gains.
Nevertheless, the token's price declined today despite the substantial purchasing pressure Shiba Inu experienced due to the aforementioned massive accumulation. This decline may be consistent with the 4.29 trillion SHIB that ten distinct wallets transferred to Coinbase today, as indicated by data from "The Data Nerd."
The average entry price of these wallets is $0.00001309, indicating that if sold for profit-taking, they would enable traders to earn $41.22 million at the current price.
SHIB Price Drops 2.05% Amid Increased Burn Rate and Significant Whale Activity
Nevertheless, the SHIB price has decreased by 2.05% in the past 24 hours to $0.00002244 as of this writing. The meme coin's 24-hour lows and highs are calculated as $0.00002227 and $0.00002358, respectively.
The asset's downside pressure was underscored by the RSI of SHIB, which remained at approximately 38. Furthermore, the prices could be further depressed by additional selling pressure, while a massive purchasing spree, such as the one previously mentioned, could initiate an upward price trajectory.
In the past 24 hours, the burn rate of the meme coin has also significantly increased, while an additional report by CoinGape Media has highlighted the significant SHIB purchasing that has occurred in recent days. SHIB remains a topic of intense interest among crypto market devotees, as bulls may assume control of the token as the market recovers.
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