Massive 1.75 Trillion Shiba Inu ($SHIB) Purchase on Robinhood Draws Speculation

A major anonymous Shiba Inu whale wallet executed a series of large transactions on the popular Robinhood exchange, accumulating a staggering 1.75 trillion $SHIB tokens, valued at roughly $40 million.

The whale’s accumulation was first spotted by whale monitoring service Whale Alert, which pointed on the microblogging platform X (formerly known as Twitter) to two massive SHIB transactions off of Robinhood’s wallets to unknown wallets. Both transactions were of 875 billion SHIB, worth nearly $20 million.

This whale activity coincides with a potential bullish signal for SHIB. According to a recent post by Ali Martinez, a prominent cryptocurrency trader, Shiba Inu’s daily chart appears to be forming a “bull flag,” a technical indicator suggesting an imminent price surge.

Anticipating this breakout, Martinez revealed plans to place buy orders around the $0.000018343 mark, aiming to capitalize on a potential rise in SHIB’s price.

As CryptoGlobe reported, the meme-inspired cryptocurrency has according to blockchain analytics firm CryptoQuant seen its reserves on centralized cryptocurrency exchanges drop to their lowest level since February 2022.

CryptoQuant’s data also shows a predominantly negative SHIB exchange netflow over the past week, showing a large movement of tokens from centralized exchanges to self-custody wallets that suggests a decrease in immediate selling pressure, which is generally considered a bullish signal.

Beyond these exchange-related metrics, other developments within the Shiba Inu ecosystem also hint at a potential price rise, with a growing SHIB burning rate helping remove tokens from circulation and reduce circulating supply.

SHIB’s cryptocurrency community has helped it maintain a strong social activity, with social intelligence firm Lunar Crush noting earlier this month SHIB is “signaling bullish” as it has been seeing increasing social activity paired with accelerating market volume and rising price action.

As CryptoGlobe reported, the meme-inspired cryptocurrency could, according to an analyst, surge in the near future based on technical analysis, as the analyst suggested its chart shows a symmetrical triangle pattern, often interpreted by traders as a bullish signal.

A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.

Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.

Featured image via Unsplash.