Shiba Inu Whale Withdraws 2.2 Billion SHIB from Robinhood: What Does It Mean?

Shiba Inu (SHIB) enthusiasts are buzzing! A massive withdrawal of 2.2 billion SHIB tokens from Robinhood has sparked intense speculation. Worth approximately $40 million, this transaction has the SHIB community wondering: what’s next for this popular meme coin?

Whale Pulls Nearly $40 Million of SHIB from Robinhood

On June 20th, Whale Alert, the popular on-chain tracking platform, detected a significant movement of Shiba Inu tokens. A whale, or large holder of SHIB, withdrew a staggering 2.2 billion tokens from the Robinhood exchange.

• The withdrawal amounted to roughly $40 million at the time of the transaction.
• The SHIB was moved to an unknown wallet, fueling speculation about the whale’s intentions.

This move could be interpreted as a bullish signal. Typically, when whales move their holdings to exchanges, it suggests an intention to sell, potentially driving the price down. Conversely, withdrawing coins from exchanges often indicates a long-term holding strategy, anticipating future price appreciation.

In this instance, the whale’s decision to remove such a substantial amount of SHIB from Robinhood suggests accumulation rather than an imminent sell-off. This also reduces the available supply on the open market, which could positively influence the price.

https://twitter.com/whale_alert/status/1803905154766320108

Despite this significant whale activity, the immediate impact on SHIB’s price has been minimal. Currently, SHIB is trading below $0.00002. However, this could represent an attractive entry point for investors looking to capitalize on potential future growth.

Does Shiba Inu Still Have Potential?

Despite recent price fluctuations, many remain optimistic about Shiba Inu’s future, particularly with analysts predicting a broader crypto bull market on the horizon.

LUCIE, a prominent figure in Shiba Inu’s marketing, remains confident in SHIB’s potential. She referenced the Wall Street Cheat Sheet, suggesting that SHIB is currently positioned just before the “Optimism” phase. This phase marks the point where investors begin to truly believe in the rally’s sustainability.

According to the Cheat Sheet, the price is expected to continue its upward trajectory as investors progress through stages of Belief, Thrill, and Euphoria before a correction occurs. If LUCIE’s assessment is accurate, the real SHIB rally is yet to come.

Currently, SHIB is struggling to reclaim the $0.000018 support level. With Bitcoin’s price showing limited upward movement, the weekend could bring further market declines. However, the long-term outlook for SHIB remains positive for many investors.