As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market manipulations and large-scale transfers. However, the recent activity surrounding the Shiba Inu token (SHIB) has piqued my interest.
In the past day, there’s been little noteworthy action involving the Shiba Inu token (SHIB), even though its price has seen an uptick. The only notable transaction is a withdrawal of 74.156 billion SHIB by Wintermute, a prominent market maker with approximately $200 million in assets, from Robinhood, a major American brokerage platform.
Over a million dollars’ worth of funds, considering today’s prices, was transferred from one market maker’s account to another.
Additionally, the transaction record suggests a significant movement of these tokens between various platforms, such as Binance and OKX. Consequently, Wintermute has control over Arkham’s wallets containing approximately 25.125 billion SHIB, equivalent to around $360,800.
Initially, it might appear as if this was a massive sale, a move that’s often seen as positive or “bullish.” However, upon closer inspection, it turned out to be a typical action by a market maker.
Shiba Inu (SHIB) price outlook
As Wintermute moved vast quantities of Shiba Inu tokens across centralized trading platforms, the value of SHIB coins exhibited exceptionally erratic movement. To clarify, it’s experiencing an extremely optimistic trend.
Since the start of this week, the Shiba Inu token’s price has surged by over 10.5%, causing the value of SHIB to peak at $0.0000146 – a level not seen since late July.
The impact of Wintermute’s present actions on the value of the well-known meme-based cryptocurrency remains uncertain. Nevertheless, it’s safe to say that these activities could have significant implications for the Shiba Inu coin’s price trends.
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2024-08-23 17:57