On-chain data tracker Whale Alert spotted a significant movement of Shiba Inu (SHIB) from Robinhood shortly after the meme coin tested the $0.000029 threshold. According to Whale Alert, the whale address received approximately 445.86 billion from a Robinhood wallet.
Etherscan data reveals that the transaction occurred yesterday at 4:46 p.m. UTC. This transaction involved over 445.868 billion SHIB worth $12.171 million. Market data suggest the SHIB coins were purchased at an average price of $0.00002729 per token.
Shiba Inu (SHIB) Whale Receives 445.86 Billion Tokens from Robinhood
Although the sending wallet bears a Robinhood address, the recipient remains anonymous. The recipient address now holds 527.3 billion SHIB worth $14.68 million.
Shiba Inu is the most significant asset this whale address holds, with Ethereum coming second. This transfer is the second considerable transaction between this wallet and Robinhood.
The whale has been accumulating SHIB tokens from Robinhood and Zero Hash, a platform that supports crypto payments. On May 28, the whale received 275 billion SHIB worth $7.6 million from Robinhood.
The whale sold some Shiba Inu tokens, transferring around 200.91 billion SHIB to two different wallets in the last two days. Based on the inflows and outflows, whether this address belongs to an individual whale or Robinhood is unclear.
Also, the timing of these transactions is quite interesting, as the wallet remained dormant for five days before the transfers. The massive SHIB transfers occurred in May, with one address receiving 1.75 trillion SHIB in several transactions from Robinhood.
Analyst Identifies $0.00006 as Next Price Target for SHIB
Amid the notable whale movement, Shiba Inu’s price has slipped off the $0.000027 territory. It trades at $0.00002621, with a 5.4% decrease in the past 24 hours.
Meanwhile, in a recent X post, Bitcoin analyst Davinci Jeremie made bold predictions about Shiba Inu’s price. According to Jeremie, SHIB will soon commence a bullish phase and is poised to soar to $0.00006.
In his analysis, Jeremie says SHIB will break above $0.000025 or $0.00003 and reach $0.00006 once it breaks out from the bearish trendline. He believes the current decline is only temporary, stating that he will buy some SHIB at the current level.
How is SHIB Faring Today?
Shiba Inu deviated from the positive rally on May 27-29 as the sellers took control of the market. Given the ongoing bearish momentum, Shiba Inu will likely decline to the $0.00002573 support level.
Already, SHIB has formed a bearish engulfing pattern on the daily chart after facing rejection at the $0.00002901 price level. This indicates increased selling pressure for Shiba Inu as some investors liquidate open positions.
Also, SHIB has dropped below the Donchian Channel (DC) median band, which is a bearish signal, indicating further price decline ahead. The RSI is 54.45, dropping from the neutral zone, which confirms the bearish pressure. If the RSI drops below 50, SHIB will likely fall below its nearest support level.
Therefore, SHIB will likely decline to trade at $0.00002573 in the coming days. However, this decline may be temporary before buyers return to facilitate a recovery.
