Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?
June 21 2024 - 10:00PM
NEWSBTC
Shiba Inu whales are on the move again, sparking speculations on
what they expect from the meme coin. One whale, in particular, has
caught the attention of the SHIB community following a massive
withdrawal from the popular crypto and stock trading exchange
Robinhood. Whale Pulls Out Almost $40 Million From Robinhood The
Shiba Inu whale transactions that have got tongues wagging were
first picked up on June 20 by the on-chain whale tracking platform
Whale Alert. According to the report, the whale had removed a total
of 2,2 billion SHIB from the exchange, which was worth
approximately $40 million at the time of this transfer. Related
Reading: Dogecoin Enters Final Stage Of Consolidation, Analyst
Predicts 6,150% Rally To $7.5 The whale moved the coins to an
unknown wallet, something that could be bullish for the price. This
is because when whales move their coins to exchanges, they intend
to sell, which might push the price down due to the selling
pressure. However, when whales remove their coins from exchanges,
it could mean they don’t plan to sell and are holding for better
prices. In this case, the whale has gone the way of the latter,
suggesting accumulation rather than selling. Also, given the sheer
volume of coins being withdrawn from the Robinhood exchange, it has
removed a significant amount of supply from the open market from
now. However, the whale transaction hasn’t had much of an impact on
the price. The SHIB price is still trading under $0.00002 at the
time of this writing, although this presents ample opportunity for
these investors looking to get in at cheap prices. Shiba Inu Still
Has Legs Despite the price decline that has rocked the meme coin in
recent times, expectations have not waned as analysts forecast
another crypto bull market. One of those who still see a bright
future for the meme coin is Shiba Inu marketing lead LUCIE. Related
Reading: Here’s Why The Worldcoin (WLD) Price Surged Over 15% In
One Day To Reach $3 According to LUCIE, SHIB is still in a
position. Sharing a Wall Street Cheat Sheet, she shows that the
meme coin is now in the period just before Optimism. Now, the Wall
Street Cheat Sheet shows that this is when investors really begin
to believe that the rally is real. From here, the price is expected
to keep going up as investors go through the motions of Belief,
then Thrill, and finally Euphoria, before prices start to correct.
If LUCIE is right, then the real rally is yet to begin and the
Shiba Inu price could go so much higher. At the time of writing,
the SHIB price is struggling to reclaim the $0.000018 support from
the bears. However, with the Bitcoin price failing to move upward,
the weekend could bring further declines for the market. Featured
image created with Dall.E, chart from Tradingview.com
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