Shiba Inu whales are on the move again, sparking speculation about what to expect from the meme. One whale, in particular, caught the attention of the SHIB community after a major withdrawal from popular cryptocurrency and stock trading exchange Robinhood.
Whale withdraws nearly $40 million from Robinhood
The Shiba Inu whale transactions that set tongues wagging were first captured on June 20 by the on-chain whale tracking platform Whale Alert. According to the a reportthe whale removed a total of 2.2 billion SHIB from the exchange, which was worth about $40 million at the time of this transfer.
Related reading
The whale transferred the coins to an unknown wallet, which could be bullish for the price. This is because when whales move their coins to exchanges, they intend to sell, which may push the price down due to selling pressure. However, when whales remove their coins from exchanges, it may mean that they are not planning to sell and are holding on to better prices.
In this case, Pisces took the latter's route, proposing to accumulate rather than sell. Also, due to the massive volume of coins being withdrawn from the Robinhood exchange, they have removed a large amount of supply from the open market as of now.
However, the whale deal did not have a significant impact on the price. SHIB's price is still trading under $0.00002 at the time of writing, although this represents a great opportunity for those investors looking to get in at cheap prices.
The Shiba Inu still has legs
Despite the price decline that has rocked the meme coin recently, expectations have not diminished as analysts are predicting another bull market for the cryptocurrency. One of those who still sees a bright future for the meme coin is Shiba Inu marketing leader LUCIE.
Related reading
According to Lucy, SHIB is still in good shape. Share this Wall Street cheat sheet, is Offers That meme currency now exists in the period immediately preceding optimism. Now, the Wall Street Cheat Sheet shows that this is when investors really start to believe the rally is real.
From here, the price is expected to continue rising as investors go through movements of faith, then suspense, and finally euphoria, before prices begin to correct. If LUCIE is right, the real rally has not started yet and the price of the Shiba Inu could go up a lot.
At the time of writing, SHIB price is struggling to reclaim the $0.000018 support from the bears. However, with Bitcoin price failing to move upwards, the weekend may bring further declines in the market.
Featured image created with Dall.E, chart from Tradingview.com
