Synopsis: A Jump Trading Whale wallet address accumulated 1.75 trillion Shiba Inu Coins (SHIB) tokens from the Robinhood crypto exchange in two consecutive transactions adding further to the recent Shiba Inu Coin dip despite the price increase by 6 percent in the last 24 hours.
Also read: Will Shiba Inu Coin Recover After Recent Downturn?
In two transactions amounting to 1.75 Trillion Shib Inu coins, a whale trader using a Jump Trader account sent bullish excitement in the SHIB trading community. The total amount of the moved coins amount to $38 Million. The transactions happened from Robinhood to the wallet address 0x73AF3bcf944a6559933396c1577B257e2054D935. The two transactions of 875,000,000,000 SHIB were worth $19 million each.
The movement of Shiba Inu coins from Robinhood to a single wallet address increased optimism about SHIB recovery after the recent massive drop.
Shiba Inu Coin: Bullish or Business as Usual?
The wallet has done several similar amounts of massive transactions in the past. Before the 1.75 Trillion Shib Inu coins, the wallet had moved 8 Trillion Shib Inu a week ago. It also moved $4 Trillion Shiba Inu coins two weeks ago to Robinhood. The wallet holds 246 different crypto assets worth $449 million. SHIB is the wallet’s second-largest holding. The wallet contains over 5 trillion Shiba Inu tokens worth $129 million.
The transactions spurred bullish sentiment in the community renewing hopes for Shiba Inu token investors.
What Does This Mean for SHIB Price?
The movement of the massive amounts of SHIB from the Robinhood exchange surged the price of SHIBA to 6% higher in the past 24 hrs. The 24-hour low price and high price are $0.00002071 and $0.00002300, respectively. The trading volume has also reduced marginally in the past 24 hrs time frame.
This points to Shiba Inu gaining traction in the derivatives market. Open interest for SHIB futures contracts rose 3% overall in the past day, with Binance’s 1000SHIB futures specifically seeing a 2% increase. This suggests ongoing buying activity in recent hours. The meme coin has been trading below the descending trendline since March.
The crypto market is a wild ride, with prices changing rapidly and unexpectedly.
Investments always carry risk, so be cautious when investing in crypto. Stay informed, make smart decisions, and happy trading!
