Shiba Inu Whales Positioning for Upside Moves
Shiba Inu (SHIB) whales have been active in the market recently, indicating that they are preparing for more upward movements in the meme coin. This comes as SHIB approaches its all-time high (ATH).
Shiba Inu Whale Accumulates 332 Billion SHIB Tokens
Data from the blockchain shows that a wallet linked to the crypto trading platform Robinhood received over 332 billion SHIB tokens from the trading firm Cumberland. The purpose of this transaction is unclear, but it appears that the Robinhood-linked wallet has been accumulating SHIB on a large scale in recent days.
- The Robinhood-linked wallet has seen millions of SHIB tokens flow into it.
- Robinhood currently holds almost 40 trillion SHIB tokens.
This accumulation of SHIB by Robinhood suggests that there is increased interest in the meme coin from its customers, and the platform needs to increase its SHIB holdings to meet demand.
Increased SHIB Trading Activity on Crypto Platforms
Robinhood is not the only platform experiencing heightened SHIB trading. On-chain data reveals that crypto exchange Crypto.com has also significantly increased its SHIB holdings in the past 24 hours. A notable inflow of 2 trillion SHIB tokens was sent from one of Crypto.comβs hot wallets to another.
The surge in SHIBβs adoption is likely due to the significant price increase the meme coin has experienced this month. Investors are looking to position themselves ahead of potential future price surges.
Shiba Inuβs Price Expected to Continue Rising
Crypto analyst Ali Martinez predicts that SHIBβs price could rise as high as $0.000052. The analyst also highlights the importance of SHIB reclaiming the support level of $0.000033.
Another crypto analyst, MichaΓ«l van de Poppe, suggests that altcoins like SHIB are still undervalued and have room for further upward trends. He expects these crypto tokens to either break their ATH or come close to it in their next run.
Currently, SHIB is trading at around $0.00003256, showing an increase in the last 24 hours.
Hot Take: Shiba Inu Whales Accumulate Tokens Ahead of Potential Price Surges
Shiba Inu (SHIB) whales are actively accumulating tokens, indicating their anticipation of further upward movements in the meme coinβs price. This aligns with the increased interest and trading activity observed on platforms like Robinhood and Crypto.com.
Crypto analysts predict that SHIBβs price will continue to rise, potentially reaching $0.000052. Altcoins like SHIB are still considered undervalued, leaving room for more upside potential.
As the meme coin market gains traction in this bull cycle, it remains to be seen how high SHIB can go and whether it will surpass its ATH. Investors should closely monitor these developments and position themselves accordingly.
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