A significant anonymous Shiba Inu whale wallet made a number of significant transactions on the well-known Robinhood exchange, amassing an incredible 1.75 trillion $SHIB tokens, which are estimated to be worth $40 million.
First alerted to the whale's accumulation, Whale Alert used the microblogging network X (previously known as Twitter) to link to two large-scale SHIB transactions from Robinhood's wallets to unidentified wallets. The total value of the two deals was 875 billion SHIB, or almost $20 million.
Whale activity is occurring at the same time as a possible bullish signal for SHIB. Prominent cryptocurrency trader Ali Martinez claimed in a recent post that Shiba Inu's daily chart is forming a "bull flag," a technical indicator pointing to an impending price increase.
Martinez disclosed intentions to place buy orders around the $0.000018343 mark in anticipation of this breakout, hoping to profit from a potential increase in the price of SHIB.
According to blockchain analytics company CryptoQuant, the meme-inspired cryptocurrency has seen its reserves on centralized cryptocurrency exchanges fall to their lowest level since February 2022.
Additionally, according to CryptoQuant's statistics, the SHIB exchange netflow over the past week has been primarily negative. This indicates a significant shift in tokens from centralized exchanges to self-custody wallets, which is typically interpreted as a bullish indicator and predicts a reduction in immediate selling pressure.
Other factors in the Shiba Inu ecosystem, such as a growing SHIB burning rate that helps remove tokens from circulation and reduce circulating supply, also point to a possible price increase outside these exchange-related indicators.
The social intelligence business Lunar Crush noted earlier this month that SHIB is "signaling bullish" due to increasing social engagement paired with accelerated market volume and rising price action. SHIB's cryptocurrency community has contributed to its continued strong social activity.
Based on technical research, the meme-inspired cryptocurrency may see a quick increase in value soon. The expert said that the cryptocurrency's chart displays a symmetrical triangular pattern, which is frequently seen by traders as a positive indication.
Drawing two trendlines—one rising and the other falling—along a converging price range results in a symmetrical triangle design. Investopedia states that traders should look for a spike in volume and at least two consecutive closes above the trendline to indicate a legitimate break rather than a fake one.
Generally speaking, symmetrical triangles suggest that the price will move in the same way as it did prior to the triangle's formation. Therefore, if a symmetrical triangle follows an upward trend, traders would anticipate an upward price break.
May 2024, Cryptoniteuae