Shiba Inu whales are on the move again, sparking speculation about what they expect from the meme coin. One whale in particular caught the attention of the SHIB community after a mass withdrawal from the popular crypto and stock exchange Robinhood.
Whale extracts nearly $40 million from Robinhood
The tongue-wagging Shiba Inu whale transactions were first detected on June 20 by on-chain whale tracking platform Whale Alert. According to reportthe whale removed a total of 2.2 billion SHIB from the exchange, which was worth approximately $40 million at the time of transfer.
The whale moved the coins to an unknown wallet, which may have been beneficial due to the price. This is because when whales move their coins to exchanges, they intend to sell them, which can cause the price to drop due to selling pressure. However, when whales withdraw their coins from exchanges, it may mean that they have no plans to sell and are sticking to better prices.
In this case, the whale went the way of the latter, suggesting accumulation rather than sale. Additionally, given the sheer volume of coins being delisted from the Robinhood exchange, a significant portion of the supply has since been removed from the open market.
The whaling transaction, however, had no major impact on the price. At the time of writing, SHIB is still trading below $0.00002, although this presents ample opportunities for investors looking to enter the market at low prices.
The Shiba Inu still has legs
Despite the price drop that has rocked the meme coin recently, expectations have not dropped as analysts predict another cryptocurrency bull run. One person who still sees a vivid future for the meme coin is LUCIE, the marketing leader of the Shiba Inu breed.
According to LUCIE, SHIB is still in position. She shares the Wall Street cheat sheet to introduce that the meme coin is currently in a period just before Optimism. The Wall Street Cheat Sheet shows that this is when investors really start to believe growth is real.
From this point on, the price is expected to continue to rise as investors move through the stages of Faith, then Thrill, and finally Euphoria before prices begin to correct. If LUCIE is right, the real rally hasn’t started yet and the Shiba Inu price could go much higher.
At the time of writing, SHIB price is trying to regain support from the bears at $0.000018. However, if the price of Bitcoin does not boost, the weekend may bring further declines for the market.
Featured image created with Dall.E, chart from Tradingview.com
