Shiba Inu has taken center stage with a staggering 1.7 trillion SHIB tokens being transferred between wallets. Despite recent price volatility, the Shiba Inu community remains optimistic about an upcoming price surge.
The recent movement of 1.7 trillion SHIB tokens has caught the attention of investors, who are now speculating about the future of SHIB. On-chain data platform Etherscan has identified the whale behind this movement as Robinhood, a popular crypto trading platform. Robinhood conducted the transfer in two separate transactions, with 875 billion SHIB tokens moved in each.
Interestingly, this is not the first time Robinhood has made such a significant transfer of SHIB tokens. Just last month, the platform transferred 3 trillion SHIB tokens in a single transaction. These large transfers are likely a result of customer demand and fulfilling buy orders. Robinhood recently listed SHIB for its New York customers, further solidifying its relationship with the Shiba Inu token.
The high activity of whale transactions on SHIB could potentially lead to a price surge for the token. Whales often create a surge in demand when they accumulate a particular cryptocurrency, prompting retail investors to follow suit. This phenomenon, known as a bull run, drives prices upwards.
Apart from Robinhood’s involvement, other investors in Shiba Inu are also actively accumulating SHIB tokens. This indicates a bullish bid-ask volume imbalance for the meme coin. Additionally, there has been a significant increase in token burning, which is another positive indicator for SHIB. Token burns have surged by approximately 30% in the past week, according to data from Shibburn, a burn tracking website.
In other news, Shytoshy Kusama, the lead developer for the Shiba Inu ecosystem, recently teased an upcoming project. Kusama posted the word “EVITA” in a GIF, sparking speculation within the Shiba Inu community. While the exact meaning of this cryptic message remains unclear, it often serves as a lead-up to a major announcement.
At the time of writing, SHIB is trading at $0.00002266, reflecting a 0.5% price increase in the past day. However, the trading volume has decreased by 2.4% to $382 million, while the market cap stands at $13.4 billion. As exciting updates continue to emerge in the Shiba Inu ecosystem, investors eagerly anticipate the implications for the future price of SHIB.