Altcoin
Whale Bags 600B SHIB From Robinhood Hinting Price Rally Ahead
In the background of the crypto market’s bearish performance today, June 11, the Shiba Inu coin (SHIB) has garnered noteworthy investor enthusiasm despite the dog-themed meme token’s remarkable price dip. A whale has been recorded to accumulate a whopping 600 billion coins from Robinhood, a renowned crypto trading platform, amid the meme crypto’s recent sluggish performance.
This accumulation has echoed substantial market optimism for the meme coin’s future price movements. Here’s a closer look into why and SHIB’s additional on-chain statistics:
Whale Accumulation Glimmers Hope For Shiba Inu Coin
Usual market sentiments ride an optimistic wave as massive whale accumulations underscore large-scale crypto investors’ undeterred confidence in the asset. Concerning this, the massive 600 billion SHIB accumulation has fueled optimistic market sentiments on the token’s future price movements.
According to the data revealed by on-chain tracker Whale Alert, 600 billion SHIB, worth $13.71 million, was shifted from Robinhood to the unknown wallet address 0x73af3bcf on June 11. The SHIB token traded at the $0.000022 price level when the transaction took place.
Notably, CoinGape Media previously reported that the exact address had offloaded a whopping 3 trillion SHIB to Robinhood when the token traded at the $0.000025 price level. This has stirred market sentiments over a potential ‘buy-the-dip’ strategy taken by the whale, re-entering the market and hinting at gains ahead.
However, despite Shiba Inu encountering significant buying pressure due to the massive accumulation mentioned above, the token’s price dropped today. This dip potentially falls in line with 4.29 trillion SHIB shifted to Coinbase by ten different wallets today, per data by ‘The Data Nerd.’
The average entry price of these wallets is $0.00001309, signaling that if sold for profit-taking, it would aid the traders in nabbing $41.22 million profit at the current price.
Also Read: Bitcoin (BTC) Price Hits Weekly Low Before Fed Rate Cut Decision, More Pain Ahead?
SHIB Price Drops
However, as of writing, the SHIB price slipped 2.05% in the past 24 hours to $0.00002244. The meme coin’s 24-hour lows and highs are $0.00002227 and $0.00002358, respectively.
SHIB’s RSI hovered near 38, underscoring the downside pressure on the asset. Additional selling pressure could further pull the prices down, whereas massive buying, as in the one mentioned above, could birth an upward price trajectory.
Another report by CoinGape Media spotlights massive SHIB buying in recent days, whereas the meme coin’s burn rate also spiked notably in the past 24 hours. Crypto market enthusiasts continue to extensively scope in on SHIB as bulls may take control of the token moving ahead as the market recovers.
Also Read: Roaring Kitty Loses $350 Million In Profits As GameStop Tanks Over 50% In Two Days
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US government’s strategic crypto reserve has been a hot topic of discussion, sparking expert opinions and debates. While President Donald Trump has already signed an executive order for a Bitcoin reserve, the fate of XRP, SOL, and ADA hangs in balance. However, the Trump administration’s upcoming disclosure of its crypto holdings is expected to bring clarity to the inclusion of altcoins in the US reserve.
Notably, the US Department of the Treasury and other government agencies are expected to expose their Bitcoin and other crypto holdings this week. Let’s unveil this crucial move’s potential implications on the US crypto and financial landscapes.
US Government To Disclose BTC and Crypto Holdings
In a recent X post, Bitcoin Magazine CEO David Bailey unveiled a crucial event on April 5, 2025, which is poised to revolutionize the US financial economy. According to Bailey’s post, the US government is set to complete a comprehensive audit of the country’s Bitcoin holdings this Saturday. Bailey said, “Depending on what we learn, might answer many of the open questions about the recent price action.”
The upcoming audit will provide a detailed inventory of the government’s Bitcoin portfolio, held across federal agencies. It will also provide insights into the collection of other cryptocurrencies like XRP, SOL, and ADA. Thus, this audit could also provide clarity into the possibility of including these altcoins in the US crypto reserve.
How Will the Audit Impact the US Crypto Reserve?
For context, President Donald Trump proposed a strategic crypto reserve to include XRP, ADA, and SOL in the US reserve. This development came amid growing speculations of the adoption of Bitcoin as a reserve asset.
Significantly, Trump’s move invoked criticism, with Bitcoin maximalists questioning the legitimacy of other cryptocurrencies to be a national reserve.
Though Trump signed an executive order for establishing a BTC reserve, there is still uncertainty surrounding the altcoin reserve. However, the US government’s decision to reveal its crypto holdings could bring transparency and clarity to the nation’s digital assets. The audit may also shed light on the potential developments within the government and its decision on altcoin reserves.
US Government’s BTC Holdings: A Closer Look
According to Arkham Intelligence data, the US government currently boasts a total of 198,012 BTC worth around $16 billion. As per crypto czar David Sacks’ statement, the US government has seized approximately 400,000 Bitcoin through civil and criminal asset forfeitures over the past decade.
Though the US government’s Bitcoin holdings are well-documented, its altcoin portfolio is still shrouded in uncertainty. Nonetheless, experts believe that the audit has the potential to clarify the government’s altcoin holdings and reserve management strategies.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP price has come under strong selling pressure with more than 13% drop on the weekly chart, and is currently facing a make-or-break situation, flirting around $2 level. Following yesterday’s low at $2.03, the Ripple crypto has seen a brief bounce back above $2.11, however, it remains to be seen whether this bullish sentiment can sustain moving ahead from here onwards.
XRP Price Faces Crucial Test as MVRV Indicator Tanks
The Market Value to Realized Value (MVRV) ratio for XRP has dropped below its 200-day moving average, a key indicator that could suggest a macro trend shift in price action, reported crypto analyst Ali Martinez.
This crossover is often seen as a bearish signal, indicating that XRP price may be entering a new phase of market movement. Analysts are closely observing whether this dip is the start of a broader downtrend or signals a potential accumulation phase for investors. However, market analysts are hopeful of the 125% in XRP options trading volumes, with some expecting a potential bounce back to $2.5.
Ripple Crypto In A Make-or-Break Situation
As of press time, the XRP price is showing signs of recovery from yesterday’s bottom at $2.03 with daily trading volumes pumping 35% to more than $4.0 billion. However, per the Coinglass data, the XRP futures open interest is showing mild movement at 0.7%, showing no clear directional signs.
XRP has rebounded from the $2.03 support level and is moving upward, however, a sustained breakout above the trendline resistance of $2.30 is crucial to target $2.91.
If XRP fails to hold above $2.03, major support levels are positioned at $1.79 and $1.56, which could determine the next directional move. Traders are closely watching price action for confirmation of a bullish breakout or potential downside risk. If the Ripple crypto defends $2, some market analysts are predicting a 600% XRP rally from here.
Will Ripple Lawsuit Delay Play the Spoilsport?
Despite Ripple and US SEC agreeing on no further cross appeal in the XRP lawsuit, chances of an imminent settlement in this case seem low. An XRP advocate recently suggested that the SEC would not issue an official announcement regarding the XRP lawsuit until August 7, citing a court ruling as the basis for the claim.
However, former SEC attorney Marc Fagel dismissed the assertion, calling it “stupid and wrong,” sparking debate within the crypto community.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano founder Charles Hoskinson says the network will play a key role in Bitcoin DeFi transactions in the future. With several partnerships and innovations in the works, Hoskinson says Cardano is bracing itself to explore layer 2 solutions on the Bitcoin blockchain,
Cardano Positions Itself For Bitcoin DeFi
In an interview with Scott Melker, Cardano’s founder has revealed ambitious plans for the network to turbocharge Bitcoin’s adoption for DeFi applications. Hoskinson notes that large financial institutions will trigger a demand for Bitcoin DeFi given their fiduciary obligation to create yield.
He notes that a Bitcoin ETF providing DeFi yields will trigger shareholders to demand similar yields. Hoskinson eyes a three-year timeframe for institutions to plant their feet in Bitcoin DeFi and UTXO DeFi.
Hoskinson says Cardano will combine Hydra with the Bitcoin Lightning network and build a trustless recursive bridge between both networks. The founder adds that its Aiken programming language will enabled to write both Bitcoin and Cardano scripts.
Furthermore, a partnership with Maestro, an infrastructure provider allowing Bitcoin integration with UTXO-based blockchain will provide a “turn-key experience” for users.
“It’s still early days but we are making methodical progress every step of the way,” said Hoskinson.
Hoskinson is moving on from his absence from the Crypto Summit at the White House, doubling down on technical innovation. He notes that the Bitcoin-focused plays by Cardano will not adversely affect the network’s road map.
Is Bitcoin Ready For DeFi Applications?
Hoskinson revealed in the interview that Bitcoin is ready for DeFi utility following the Taproot and the Lightning Network advancements. According to the founder, Taproot added programmability features to the Bitcoin network and Cardano will push the frontiers.
He adds that Cardano will enable Bitcoin users to engage in DeFi transactions while transacting with only BTC. Hoskinson says a merger between Bitcoin is enough to make Cardano’s DeFi significantly larger than Ethereum and Solana combined.
While the integration will send Cardano price soaring, ADA wallows at $0,6611 after losing 10% in a week. However, traders are targeting an ADA pump in May following the forming of a cyclical pattern.
An analyst argues that a price rally to $10 is not a crazy prediction given a streak of solid fundamentals and partnerships for Cardano.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Will XRP, SOL, ADA Make the List?
Ethereum Reclaims Top DeFi Spot As Solana DEX Volume Drops
Coinbase Stock Plunges 30% in Worst Quarter Since FTX Collapse
$500 Trillion Bitcoin? Saylor’s Bold Prediction Shakes the Market!
Fake Gemini Bankruptcy Emails Target Users
Big Bitcoin Buy Coming? Saylor Drops a Hint as Strategy Shifts
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market20 hours agoTrump Family Gets Most WLFI Revenue, Causing Corruption Fears
-
Ethereum19 hours agoEthereum’s Price Dips, But Investors Seize The Opportunity To Stack Up More ETH
-
Regulation22 hours agoUSDC Issuer Circle Set To File IPO In April, Here’s All
-
Market22 hours agoPi Network Struggles, On Track for New All-Time Low
-
Bitcoin21 hours agoStrategy Adds 22,048 BTC for Nearly $2 Billion
-
Market21 hours agoBNB Breaks Below $605 As Bullish Momentum Fades – What’s Next?
-
Market24 hours ago3 Altcoins to Watch in the First Week of April 2025
-
Market23 hours agoBitcoin Mining Faces Tariff Challenges as Hashrate Hits New ATH
✓ Share: