Shiba

Shiba Inu

The cryptocurrency market on May 2, 2024, appears to be recovering, with top cryptocurrencies like Solana, Shiba Inu, Pepe, Ripple, Polkadot, and many others experiencing significant upside momentum. Amid this price recovery after several days, a blockchain transaction tracker, “Whale Alert,” posted on X (formerly Twitter) that over 1.75 trillion Shiba Inu (SHIB) tokens worth $40 million have been transferred from Robinhood to an unknown wallet. 1.75 trillion SHIB transactions 
However, this post on X has garnered significant attention from the crypto community. If we examine the impact of this massive SHIB transaction from Robinhood to the crypto wallet, the SHIB price surged more than 5% and is currently trading near $0.000022. Besides this massive price surge, if we look at SHIB’s performance over a longer period, in the last 7 days, its price dropped nearly 10%. Whereas, in the last 30 days, SHIB experienced over a 15% downside momentum. Source: X ( Previously Twitter) 
This massive transaction highlights investors’ as well as retailers’ interest in SHIB, which caused a recent price surge. However, these huge transactions occurred near a strong demand zone, which is $0.000020. Earlier on May 1, 2024, when SHIB was trading near $0.000020, during that period, Todayq News reported that we may see a <a href="https://news.todayq.com/shiba-inu-price-reversal-confirmed-heres-what-data-says/" rel="noopener noreferrer nofollow">price reversal</a>, which is exactly what is happening. Shiba Inu’s technical analysis and key levels 
According to expert technical analysis, SHIB on the daily time frame looks bullish. The major reason behind this is the bullish divergence and formation of a bullish flag and pole pattern, which might give a breakout soon. If this bullishness continues and gives a breakout of this flag and pole price action pattern, then there is a high possibility that in the coming days, SHIB could surge 70% in upside momentum.
In addition to SHIB’s impressive performance and the recent 1.75 trillion transactions, Whale Alert also made a post on X where it is found that in the last 24 hours, an unknown wallet transferred a massive 150 million DOGE worth $19 million from a cryptocurrency exchange, Robinhood. Following this massive transaction today on May 2, 2024,DOGE also experienced a decent over 3% upside momentum. Looking at these massive transactions, it appears that investors and institutions are focusing more on top crypto meme coins.

1.75 trillion Shiba Inu moved amid price dump, Can it spark upward rally?

Todayq News

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