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
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 prominent crypto investors’ enduring interest in SHIB, 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. Depending on their individual strategies, traders might see this as an opportunity to enter or exit positions.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart indicates a potential bullish trend reversal with the MACD line above the signal line. Traders may interpret this as a buy signal, but confirmation from other technical indicators is always wise before 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 unfolds, 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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