As the price of Shiba Inu regains its incredible upward momentum in the past 24 hours, in a notable development, a prominent crypto whale has leaked approximately 3 trillion coins to Robinhood, leaving the crypto community shaken. caused it. This whale move paralleled SHIB’s nearly 10% price increase, triggering market sentiment that the coin’s price has potentially surpassed its all-time high.
Whale trading, which is mainly caused by profit taking during rising prices, has come to light, causing traders and investors in the virtual currency market to speculate about the future price fluctuations of SHIB. Here we take a closer look at the current market statistics for dog-themed meme coins.
Whale data raises investor concerns about Shiba Inu’s trajectory
Insights streamlined by on-chain analytics platform Whale Alert noted that today, May 16, 3 trillion SHIB worth $74.78 million was transferred to Robinhood. In particular, an unknown address 0x73af3bcf… was registered and a huge address was registered. SHIB transfer.
According to CoinmarketCap’s chart, after a large dump of coins on Robinhood, SHIB’s price trajectory showed a period of sideways trading. This may confirm the impact of the considerable selling pressure faced by SHIB, primarily due to the huge whale trade mentioned above.
Nevertheless, Shiba Inu is causing a bullish wave in the crypto world as its on-chain data confirms the strong upward trend in the market.
Also read: Meme coin rises 8% as US inflation falls
The price of Shiba Inu is soaring, what will happen next?
At the time of writing, SHIB price has increased by 8.95% in the past 24 hours and is currently trading at $0.00002511. The 24-hour low and high prices are $0.00002302 and $0.00002575, respectively.
Coinglass data noted an increase of 17.29%. Meme Coin OI (open interest), followed by derivative trading volume, which increased by 32.31%. This data highlights the highly optimistic market scenario for Shiba Inu at the time of writing, further increasing investor optimism for the dog-themed meme token.
With increased trading activity, indicating a significant increase in investor interest, Shiba Inu has crypto market participants expecting further upside in the short term. However, the RSI is hovering around 55, suggesting that the asset is neither overbought nor oversold.
Also read: Bitcoin ETF trading volume soars, GBTC sees $27 million inflows
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