In a riveting turn of events, amid Shiba Inu’s price regaining phenomenal upward momentum in the past 24 hours, a prominent crypto whale has offloaded nearly 3 trillion coins to Robinhood, causing a stir in the crypto community. This move by the whale, coming in tandem with SHIB’s nearly 10% price rally, has ignited market sentiments that the coin’s price has potentially topped.

The whale transaction, primarily attributable to profit-taking behaviors amid a price rally, has surfaced, causing crypto market traders and investors to speculate over the SHIB’s future price movements. Here’s a closer look into the dog-themed meme coin’s current market statistics.

Whale Data Ignites Investor Concern Orbiting Shiba Inu

As per insights streamlined by the on-chain analytics platform Whale Alert, it was pointed out that 3 trillion SHIB, worth $74.78 million, was shifted to Robinhood today, May 16. Notably, the unknown address 0x73af3bcf… was registered, making the colossal SHIB transfer.

Following the massive coin dump to Robinhood, SHIB’s price trajectory illustrated a period of sideways trading, per CoinmarketCap’s charts. This potentially underscores the implications of the substantial selling pressure encountered by SHIB, primarily attributed to the abovementioned colossal whale transaction.

Nonetheless, Shiba Inu has set off bullish waves across the cryptocurrency landscape with its on-chain data underlining a strong market uptrend.

Also Read: Memecoins Jump 8% as US Inflation Falls

Shiba Inu Price Soars, What’s Next?

As of writing, SHIB’s price has noted an uptick of 8.95% in the past 24 hours and is currently trading at $0.00002511. Its 24-hour lows and highs are $0.00002302 and $0.00002575, respectively.

Coinglass data spotlighted a 17.29% increase in the meme coin’s OI (open interest), followed by a 32.31% derivatives volume upswing. This data underlined a highly optimistic market scenario for Shiba Inu at press time, additionally driving investors’ optimism on the dog-themed meme token.

Indicating a substantial increase in investor interest, further accompanied by heightened trading activity, Shiba Inu has offered crypto market participants hope of further pumps in the short run. However, the RSI hovered at around 55, hinting that the asset is neither overbought nor oversold.

Also Read: Bitcoin ETF Trading Volumes See Sharp Surge, GBTC Sees $27 Million Inflows

The post Shiba Inu Whale Offloads 3 Tln Coins, Has SHIB Price Topped? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am