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- Shiba Inu’s whale purchase of 445 billion SHIB coins from Robinhood sparks optimism, indicating strong investor confidence.
- Despite recent price fluctuations, SHIB’s substantial trading volumes and whale activity suggest underlying strength.
- Technical indicators like the moderate RSI and potential bullish MACD crossover provide mixed signals for traders.
Ali Charts, an on-chain and technical analyst, reveals that over 4 trillion Shiba Inu (SHIB) tokens, valued at roughly $103 million, have flown into crypto exchanges in the last two weeks. This flurry of activity has unfolded amidst SHIB’s volatile price action, signaling a shift in investor sentiment.
#ShibaInu | Over 4 trillion $SHIB have been sent to #crypto exchanges in the last two weeks, worth around $103 million! pic.twitter.com/dqVGW3LzuA— Ali (@ali_charts) May 31, 2024
Notably, a whale recently snagged a massive 445 billion SHIB tokens from the Robinhood trading platform. This hefty transaction has ignited optimism for SHIB’s future price trajectory, with the whale’s move underscoring strong confidence among big-money players in this meme-inspired cryptocurrency.
On-chain transaction data from Whale Alert pinpointed the unknown wallet address 0x66E0 as the source of this SHIB accumulation. The whale’s significant buy-in highlights the enduring interest in SHIB from prominent crypto investors, painting a bullish outlook despite recent market swings.
Currently, Shiba Inu is trading at $0.000026, with a 24-hour trading volume of $696,630,772. SHIB has dipped 0.53% in the last 24 hours, bringing its live market cap to $15,365,366,006. The circulating supply of SHIB tokens holds steady at 589,271,831,134,488.
Technical analysis of Shiba Inu’s price chart reveals a Relative Strength Index (RSI) of 54.16. This reading suggests SHIB is riding a wave of moderate momentum, neither overbought nor oversold. Traders might see this as an opportunity to enter or exit positions, depending on their individual strategies.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart registers at 0.00000051. With the MACD line above the signal line, a potential bullish trend reversal is in sight. Traders may interpret this as a buy signal, but confirmation from other technical indicators is always wise before making any trading decisions.
Beyond the whale’s massive purchase, the overall market sentiment around Shiba Inu remains cautiously optimistic. The recent dip in SHIB’s price may raise eyebrows for some investors, but the substantial trading volumes and whale activity hint at underlying strength.
Moreover, the sustained interest from large-scale investors could bolster SHIB’s price stability in the near term. As the market continues to unfold, keeping a close eye on SHIB’s technical indicators and whale activities will be crucial for gaining further insights into its potential price movements.
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