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Shiba Inu Whale Unloads 3 Tln Coins, Has SHIB Price Reached Top?
In a fascinating turn of events, amid Shiba Inu price regaining phenomenal bullish momentum over the past 24 hours, a prominent crypto whale offloaded nearly 3 trillion coins to Robinhood, causing a stir in the crypto community. This whale movement, accompanied by the almost 10% rise in the price of SHIB, sparked market sentiment that the currency’s price had potentially risen.
The whale transaction, mainly attributable to profit-taking behaviors amid a price rally, has come to light, causing traders and investors in the crypto market to speculate on the SHIB Future Price Movements. Here’s a closer look at the dog-themed meme coin’s current market statistics.
Whale data raises concerns among investors in Shiba Inu orbit
According to simplified insights by on-chain analytics platform Whale Alert, it was pointed out that 3 trillion SHIB, worth $74.78 million, were transferred to Robinhood today, May 16. Notably, the unknown address 0x73af3bcf… was registered, making the colossal SHIB Transfer.
Following the massive coin dump on Robinhood, SHIB’s price trajectory illustrated a period of sideways trading, according to CoinmarketCap charts. This potentially underlines the implications of the substantial selling pressure faced by SHIB, mainly attributed to the aforementioned colossal whale transaction.
However, Shiba Inu has triggered bullish waves across the cryptocurrency landscape with its on-chain data underlining a strong bullish market trend.
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Shiba Inu Price Soars, What’s Next?
At the time of writing, SHIB Price has seen an increase of 8.95% in the last 24 hours and is currently trading at $0.00002511. Its 24-hour lows and highs are $0.00002302 and $0.00002575, respectively.
Coinglass data highlighted a 17.29% increase in HI of the meme coin (open interests), followed by a 32.31% increase in derivatives volume. This data underlined a highly optimistic market scenario for Shiba Inu at press time, as well as boosting investor optimism regarding the dog-themed meme token.
Indicating a substantial increase in investor interest, further accompanied by increased trading activity, Shiba Inu offered crypto market participants hope of more pumps in the near term. However, the RSI hovered around 55, suggesting that the asset is neither overbought nor oversold.
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