In the ever-dynamic world of cryptocurrency, Shiba Inu token (SHIB) aficionados—aptly dubbed “whales” due to their substantial holdings—are making waves with recent market activities. On-chain indicators hint at these deep-pocketed investors orchestrating strategic maneuvers, seemingly in anticipation of an impending upswing for the popular meme coin, which teasingly approaches its pinnacle price point.
The ripples from one particular Shiba Inu whale have caused a stir in the digital waters, as on-chain trail reveals an astonishing procurement of 332 billion SHIB tokens. The transaction trail leads from Cumberland, a prominent trading entity, to a wallet intimately associated with the ubiquitous trading platform Robinhood. The contents or the motives of this substantial trade remain enigmatic. However, a deeper delve into Etherscan exposes a pattern of constant accumulation by the Robinhood-conjoined wallet, surging the platform’s SHIB reserves exponentially in recent times.
Besides the hefty 332 billion SHIB transaction, the wallet in question has been the beneficiary of a sustained influx of the token, with millions more streaming into its coffers. An increase in client demand for the crypto asset on Robinhood could very well explain the wallet’s ballooning balance. According to insights from Arkham Intelligence, Robinhood’s SHIB repository is verging on the colossal figure of 40 trillion tokens.
However, this accumulation frenzy isn’t exclusive to Robinhood. Recent on-chain data discloses that the trading platform Crypto.com has significantly bolstered its SHIB inventory within a 24-hour frame, showcasing a staggering internal transfer of 2 trillion SHIB tokens between its own wallets.
The heightened SHIB transactional volume correlates with a remarkable uptick in reception for the digital asset. As per recent NewsBTC revelations, there has been a 20-fold increase in the daily creation of new SHIB addresses in March compared to February averages. The growing interest in Shiba Inu trading across platforms seems a natural response to this surge in adoption.
The meme coin’s rapidly expanding footprint in the crypto space is often attributed to a sharp price escalation experienced this month. Optimists and investors alike speculate that this is just an overture to an even grander price crescendo.
Fostering this bullish outlook, crypto analyst Ali Martinez delineated a potential pathway for SHIB’s value ascent to heights of $0.000052. The cryptocurrency appears to be regaining a critical support level at $0.000033, a threshold Martinez underscores as quintessential for momentum sustenance. Fueling the ascent further is the adoption surge among meme coins, which are fast becoming a flagship narrative in the current bull market.
Echoing a similar sentiment, crypto analyst Michaël van de Poppe opined that altcoins such as SHIB still hold a valuation that underrepresents their potential, implying substantial headway for growth. Van de Poppe anticipates these tokens to either breach their current all-time high records or skirt the zenith in their forthcoming market cycle.
At the time of composition, Shiba Inu’s price perches at approximately $0.00003256, marking progress within the last day’s trading, as per CoinMarketCap data.
