Observing the movements of prominent whales can provide valuable insights for crypto traders and investors navigating the waters of cryptocurrency. These highly capitalized addresses have a proven track record of profitable trading.

On May 1, an anonymous wallet executed a significant transaction on the Robinhood exchange, acquiring 1.75 trillion Shiba Inu (SHIB) tokens, valued at approximately $40 million.

Data from Whale Alert reveals that this substantial acquisition involved two separate transfers, each moving 875 billion SHIB in under a minute.

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

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

The massive transactions originated from Robinhood and were transferred to the wallet address ‘0x73AF3bcf944a6559933396c1577B257e2054D935’. According to Etherscan data, this wallet has a history of moving SHIB to and from Robinhood. Over the past month, this address has been actively involved 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 substantial 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 recently noted on X (formerly Twitter) 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.

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 recent market downturns, trading volume and wallet activities suggest a sustained interest in Shiba Inu tokens, highlighting the volatile yet compelling nature of cryptocurrency investments. According to Coinmarketcap data, the Shiba Inu daily trading volume has surged by approximately 40%. This increase is largely attributed to the Binance crypto exchange, whose Japanese arm recently announced the addition of sought-after trading pairs, including SHIB.

SHIB Price Analysis

SHIB 1 day price chart. Source: Finbold

At press time, Shiba Inu was trading at $0.00002363, representing a 3.18% increase over the past 24 hours. The current market activity surrounding Shiba Inu reflects a vibrant and dynamic market. Observations and analyses from market experts suggest a bullish outlook for SHIB, making it a potential consideration for investors seeking exposure to the cryptocurrency space.

As the market continues to evolve, it is crucial for investors and analysts alike to remain informed of such trends and movements to optimize their strategies in the ever-changing landscape of digital assets.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/bullish-shiba-inu-whale-stacks-40-million-in-shib-tbt87354.html