1.75 trillion Shiba Inu moved amid price dump, Can it spark upward rally?

The Crypto Market Rebounds on May 2, 2024

The cryptocurrency market is showing signs of recovery on May 2, 2024, with major tokens such as Solana, Shiba Inu, Pepe, Ripple, Polkadot, and others experiencing notable gains. Amidst this market upturn, blockchain transaction tracker "Whale Alert" reported on X (formerly Twitter) that over 1.75 trillion Shiba Inu (SHIB) tokens, valued at approximately $40 million, were transferred from Robinhood to an unknown wallet.

Shiba Inu's Price Surge

This massive SHIB transaction has garnered significant attention within the crypto community. Following the transfer, the SHIB price jumped by more than 5%, currently trading near $0.000022. Despite this surge, SHIB has faced a decline of nearly 10% over the past seven days and a 15% drop in the past month.

Investor Interest and Technical Analysis

The large SHIB transaction highlights the continued interest in the token among investors and retail traders, contributing to its recent price increase. Notably, the transaction occurred near a key demand zone of $0.000020. Earlier on May 1, 2024, Todayq News had predicted a potential price reversal near this level, which has now materialized.

Technical analysis of SHIB on a daily timeframe suggests a bullish outlook. The formation of a bullish flag and pole pattern indicates the possibility of a breakout in the near future. If this bullish momentum continues, SHIB could potentially experience a 70% upside surge in the coming days.

Dogecoin's Rise

In addition to SHIB's impressive performance, Whale Alert also reported on X that an unknown wallet transferred 150 million DOGE, worth approximately $19 million, from the cryptocurrency exchange Robinhood within the past 24 hours. Following this transaction, DOGE has also witnessed a respectable 3% increase in value.

These substantial transactions suggest that investors and institutions are increasingly focusing on top crypto meme coins, recognizing their potential for growth and market influence.