A massive movement of 2 trillion SHIB tokens from Robinhood to an undisclosed wallet raises eyebrows, sparking speculation.
Analyst predicts a breakout for SHIB, targeting $0.000072323, advising buy orders around $0.000018343 to capitalize.
Inadvertent burns of 2 billion SHIB tokens reduce circulating supply, potentially boosting demand and price pressure.
Whale Alert, a renowned blockchain tracker, identified a big movement of Shiba Inu (SHIB) meme currencies on the famous investment site Robinhood. Nearly two trillion SHIB tokens were moved to an unidentified wallet, raising questions in the crypto world.
🚨 875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E
— Whale Alert (@whale_alert) May 1, 2024
Over the past eight hours, a mysterious wallet identified as -4D935 has acquired two massive chunks, each containing 875 billion SHIB tokens, totaling 1.75 trillion SHIB. This transaction, valued at $39.2 billion, has sparked speculation about the intentions behind the transfer.
Meanwhile, cryptocurrency expert Ali Charts has seen a bullish pattern building on the daily trading chart of SHIB. Ali predicts a potential breakout for SHIB, targeting the $0.000072323 level. To capitalize on this anticipated surge, Ali suggests placing buy orders around the $0.000018343 price mark.
#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.So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
Despite the positive outlook, the Shiba Inu community suffered a setback in April when over two billion SHIB tokens were unintentionally burnt. According to Shibburn explorer, a total of 1,695,717,536 SHIB tokens were deemed unspendable owing to mistakes in transactions. These tokens, worth millions, were irretrievably lost, serving as a warning to investors to double-check wallet addresses before transferring funds.
The inadvertent burns significantly reduced the circulating supply of SHIB tokens, potentially impacting its market dynamics. As a result, the shortage caused by these burns may lead to greater demand and rising price pressure for SHIB in the future.
According to the latest reports, the price of Shiba Inu has been revealed to be $0.000022 while the stated hourly trade volume is $822,779,927. SHIB has climbed 4.00% over the last 24 hours to confirm increased investor appeal towards the meme currency. The performance is also reflected in the live market capitalization whose high value is over $12 billion and the total number of coins circulating of more than 589 trillion SHIB.
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