Observing the movements of smart whales can provide valuable insights for crypto traders and investors navigating the waters of cryptocurrency. On May 1, an anonymous wallet executed a major transaction on the Robinhood exchange, acquiring 1.75 trillion Shiba Inu (SHIB) tokens, valued at approximately $40 million. This substantial acquisition, involving two separate transfers, each moving 875 billion SHIB in under a minute, highlights the significant influence of whale activities on the market. As Shiba Inu continues to capture attention, understanding these large-scale transactions can offer a glimpse into potential market trends and investment opportunities.
Whale Alert: Massive SHIB Transactions
According to data from Whale Alert, the acquisition involved two separate transfers, each moving 875 billion SHIB in under a minute. The transactions were executed from Robinhood to the wallet address ‘0x73AF3bcf944a6559933396c1577B257e2054D935’.
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875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallet
https://t.co/hxSvwFxC0E— Whale Alert (@whale_alert) May 1, 2024
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875,000,000,000 #SHIB (19,679,610 USD) transferred from #Robinhood to unknown wallet
https://t.co/6shZCvoacJ— Whale Alert (@whale_alert) May 1, 2024
Etherscan Data: A Closer Look
Etherscan data reveals that this wallet has previously moved SHIB to and from Robinhood. Over the past month, this address has engaged significantly in the SHIB market with high-volume transactions. Notably, it transferred 3 trillion SHIB into Robinhood on April 24, showcasing a pattern of regular inflows and outflows with the platform. This behavior underscores its considerable influence in the market, with the wallet currently holding over 5.88 trillion SHIB, valued at approximately $128 million.
Market Impact and Predictions
Professional crypto trader Ali Martinez mentioned in a post on X (formerly Twitter) recently that Shiba Inu appears to be forming a bull flag on its daily chart. A bull flag is a bullish pattern, suggesting that the crypto asset is poised for further upward movement. Anticipating this, the crypto analyst revealed that he is placing buy orders around $0.000018343, aiming for a bullish breakout that could propel Shiba Inu’s price to $0.000072323.
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ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
