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

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.