In an intriguing change of events, a well-known cryptocurrency whale has sold Robinhood nearly 3 trillion coins, creating a stir. Consequently, Shiba Inu’s price has resumed its incredible upward speed over the last 24 hours, almost reaching a 10% increase. Moreover, the whale’s action and SHIB’s price rise have stoked expectations that the coin’s price has reached its peak. Due to the whale transaction, resulting from profit-taking during a price increase, speculation about SHIB’s future price movements has intensified. Hence, investors and traders in the cryptocurrency market are closely monitoring the situation, anticipating potential shifts. Here are more details about the current market data for the meme currency with a dog theme.
Investor Worries About the Orbiting Shiba Inu Due to Whale Data
According to information compiled by the on-chain analytics tool Whale Alert, 3 trillion SHIB, or $74.78 million, was transferred to Robinhood on May 16. Interestingly, the massive SHIB transfer was made possible by registering the unknown address 0x73af3bcf.
According to CoinmarketCap’s charts, SHIB’s price trajectory showed a period of sideways trade after the big currency dump to Robinhood. This may highlight the ramifications of the significant selling pressure that SHIB experienced, which was mainly brought on by the massive whale transaction that was previously reported.
Nevertheless, Shiba Inu’s on-chain data highlights a robust market rise and has unleashed positive waves throughout the cryptocurrency ecosystem.
Shiba Inu Cost Increases, What Comes Next?
As of this writing, SHIB’s price has increased 8.95% in the last 24 hours to $0.00002511. Its 24-hour highs and lows are $0.00002302 and $0.00002575, respectively.
Coinglass data highlighted a 17.29% increase in the meme coin’s open interest (OI), which was followed by a 32.31% surge in derivatives volume. At the time of publication, this data highlighted a very positive market picture for Shiba Inus, which further fueled investors’ optimism for the meme token with a dog motif.
Shiba Inu has given cryptocurrency market participants optimism for further pumps shortly by signaling a significant increase in investor interest, which was further accompanied by increased trading activity. The asset appears to be neither overbought nor oversold, as shown by the RSI hovering around 55.
