As a seasoned crypto investor, I’ve witnessed my fair share of market fluctuations and have learned to read between the lines of on-chain data. Today’s bearish performance of the crypto market has been overshadowed by the remarkable enthusiasm surrounding Shiba Inu (SHIB), despite its recent price dip.
Amidst the bearish trend in the cryptocurrency market on June 11, Shiba Inu coin (SHIB) has attracted significant investor attention. A large investor, or “whale,” has bought an impressive amount of 600 billion SHIB tokens from Robinhood, a well-known crypto trading platform, during the meme token’s recent price downturn.
As an analyst, I’ve observed a notable buildup of investor sentiment towards Shiba Inu (SHIB), which has significantly amplified market optimism regarding its potential price fluctuations in the future. To delve deeper into this phenomenon and gain further insights, let’s explore some key on-chain metrics related to SHIB:
Whale Accumulation Glimmers Hope For Shiba Inu Coin
The common feeling among investors is one of optimism, as large-scale crypto investors continue to buy up significant amounts of cryptocurrency. Notably, the recent acquisition of 600 billion SHIB tokens has heightened optimism regarding the token’s potential price increases.
As a researcher studying blockchain transactions, I came across an intriguing discovery using Whale Alert’s on-chain data. On June 11, a transfer of approximately 600 billion SHIB tokens, equivalent to around $13.71 million, moved from Robinhood to the wallet address 0x73af3bcf. At the time of this transaction, the price level for SHIB was hovering around $0.000022.
As a researcher, I’ve come across an intriguing finding: CoinGape Media reported that a significant SHIB address transferred approximately 3 trillion tokens to Robinhood when the token was priced at $0.000025. This action has sparked curiosity among market observers, suggesting the possibility of a ‘buy-the-dip’ strategy by this whale. By re-entering the market at a lower price point, they may be signaling optimism for future gains.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development regarding Shiba Inu (SHIB). Despite a substantial accumulation of tokens driving buying pressure, the price took a dip today. This price drop could be related to approximately 4.29 trillion SHIB that were transferred to Coinbase from ten different wallets as reported by “The Data Nerd.”
At an average cost of $0.00001309 per wallet entry, these investments indicate a potential profit of approximately $41.22 million if sold now.
SHIB Price Drops
At the moment of composition, SHIB‘s price has decreased by 2.05% in the last 24 hours to reach $0.00002244. The coin’s lowest and highest prices during this period were $0.00002227 and $0.00002358, respectively.
The RSI of Shib was close to 38, indicating downward pressure on the asset and the potential for additional selling to push prices lower. Conversely, significant buying could lead to a price increase.
A new report from CoinGape Media highlights significant purchasing of Shiba Inu (SHIB) tokens in recent days, accompanied by a substantial increase in its burn rate within the last 24 hours. Crypto market observers remain closely attuned to SHIB as potential bullish momentum could take hold of the meme coin, contributing to its growth as the market recovers.
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2024-06-11 11:56