June 11 was a weak day for the cryptocurrency market, but despite the sharp drop in the price of dog-themed tokens, (SHIB) still received great enthusiasm from investors.
Market sentiment is as optimistic as ever, as the large hoarding of whales highlights the firm confidence of large cryptocurrency investors in the asset. In this regard, the huge hoarding of 600 billion SHIB has inspired market optimism about the future price trend of the token.
According to data disclosed by on-chain tracking agency Whale Alert, on June 11, 600 billion SHIB (worth $13.71 million) was transferred from Robinhood to an unknown wallet address 0x73af3bcf. At the time of the transaction, the SHIB token was trading at $0.000022.
Notably, CoinGape Media previously reported that the address sold up to 3 trillion SHIB to Robinhood when the token was trading at $0.000025. This fueled market sentiment for a possible “buy the dip” strategy by whales, who re-entered the market and signaled future gains.
However, despite the huge buying pressure Shiba Inu faced due to the aforementioned massive accumulation, the token’s price fell today. According to data from “The Data Nerd,” the drop could be in line with the transfer of 4.29 trillion SHIB from ten different wallets to Coinbase today.
The average entry price for these wallets was $0.00001309, which means that if sold for profit, it would help traders pocket $41.22 million in profits at current prices.
SHIB Price Falls
However, as of the time of writing, SHIB price has fallen 2.05% in the past 24 hours to $0.00002244. The meme coin’s 24-hour low and high prices were $0.00002227 and $0.00002358, respectively.
SHIB’s RSI hovers around 38, highlighting the asset’s downward pressure. Additional selling pressure could pull prices further down, while heavy buying (as discussed above) could bring an upward price trajectory.
A separate report from CoinGape Media highlighted heavy buying of SHIB in recent days, while the meme coin’s burn rate also spiked significantly over the past 24 hours. Crypto market enthusiasts continue to keep an eye on SHIB as bulls are likely to take control of the coin as the market recovers.
For more information, please see the first-hand information of the work type number block
High-quality projects are being launched🔥
