May 29, 2024

Shiba Inu significantly declined over the past seven days, slipping off a high of $0.000026 to levels below $0.000023. Whales have continued their SHIB accumulation spree, capitalizing on declining prices. 

According to reports, an anonymous wallet withdrew 1.75 trillion SHIB coins from the Robinhood exchange. 

SHIB Whales Enter Accumulation Phase Despite Price Uncertainty

Market tracker Whale Alert reveals two large transactions involving 1.75 trillion Shiba Inu coins from Robinhood to an unknown wallet. The first transfer involving 875 million SHIB worth over $19.67 million was sent to an anonymous wallet at 10:48 PM UTC on May 1.  

Within a minute after the first transaction, a similar quantity of Shiba Inu was transferred from Robinhood to the same anonymous wallet.

In total, this whale has acquired a massive 1.75 trillion Shiba Inu tokens from Robinhood with a value of approximately $39.34 million. Data from Etherscan reveals that this whale address still holds the SHIB tokens withdrawn from the exchange. 

Before the $1.75 trillion SHIB transfer, the whale sent 3 trillion SHIB tokens to Robinhood on April 24. In the last 30 days, the whale address has transferred 8.7 trillion Shiba Inu tokens to Robinhood 2. It also retained 5.88 trillion SHIB tokens valued at approximately $128.07 million.

Most Shiba Inu token transactions within this wallet labeled “0x73af3bcf” come from the Robinhood wallet. Therefore, the whale wallet could have a close link with the Robinhood crypto exchange. 

However, Shiba Inu is not the only token that caught the interest of this whale. Data shows the wallet has been accumulating several other tokens, such as LIBRA and LINK, for weeks. 

Further, Whale Alert data shows a massive accumulation of Shiba Inu by CryptoCom and Wintermute.

Despite Shiba Inu’s price declining by over 20% in the last month, the whales continue to accumulate. The SHIB tokens accumulated by these platforms are slightly over $1.15 trillion within the last 30 days.

What’s Next for Shiba Inu? 

Shiba Inu trades at $0.00002209 as of 6:25 AM. Est, with a 4.5% price gain in the last 24 hours. 

Large Whale Accumulates 1.75 Trillion SHIB Tokens From Robinhood Exchange

SHIB suffered a notable price decline in the past week, dropping below $0.00002333 on April 30. It faced stiff resistance at this level after the buyers attempted to force a rally on May 1. 

However, SHIB has found support at the $0.00002108 price level, ushering in buyers to to facilitate a recovery. The long lower wick on today’s candle suggests the buyers are returning. SHIB is now approaching the Donchian Channel (DC) median band, and a break above this will signal a recovery. 

The Relative Strength Index (RSI) is 38.03, approaching the neutral zone. If the RSI rises to 50, SHIB will likely break above the $0.00002333 price in the coming days.

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