Tracking the activities of highly capitalized crypto addresses, often referred to as “smart whales,” can offer critical insights for traders and investors in the volatile cryptocurrency market.
A notable example occurred on May 1, when an anonymous wallet completed a significant transaction on the Robinhood exchange by purchasing 1.75 trillion Shiba Inu (SHIB) tokens for about $40 million.
According to Whale Alert, this large buy involved two quick transfers, each moving 875 billion SHIB within a minute.
The funds moved from Robinhood to the wallet address ‘0x73AF3bcf944a6559933396c1577B257e2054D935,’ which has frequently interacted with SHIB on Robinhood, indicating sustained involvement in its market dynamics.
Earlier, on April 24, this wallet transferred 3 trillion SHIB into Robinhood, exhibiting a consistent pattern of significant transactions with the exchange.
This strategic trading behavior underscores the wallet’s substantial market impact, as it currently holds over 5.88 trillion SHIB, now worth around $128 million.
The trading activities of such addresses are crucial in shaping market trends.
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Professional crypto trader Ali Martinez highlighted this in a recent X post, noting, “Shiba Inu appears to be forming a bull flag on its daily chart.”
This pattern suggests a potential price increase. Martinez plans to capitalize on this by placing buy orders at $0.000018343, anticipating a bullish breakout to $0.000072323.
Despite recent market downturns, the ongoing trading fervor around SHIB, especially on platforms like Binance’s Japanese arm—which has introduced new SHIB trading pairs—illustrates a sustained interest. Currently, SHIB’s daily trading volume has surged by 40%, signaling robust trading activity.
At the moment, SHIB is trading at $0.00002363, marking a 3.18% rise in the last 24 hours.
This price movement and high volume of trades reflect a dynamic market environment.
Market experts continue to project a bullish future for SHIB, positioning it as an attractive asset for those seeking to diversify into cryptocurrencies.
As the digital asset landscape evolves, it remains essential for investors and analysts to monitor such trends and movements closely to refine their investment strategies in this ever-changing market.
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