The cryptocurrency community recently saw a significant event involving Shiba Inu (SHIB). Whale Alert detected a large transfer of SHIB on May 2nd by Robinhood, a popular US-based investing app.
An unidentified wallet received two transactions of 875 billion SHIB each, totaling 1.75 trillion SHIB. This transfer, valued at around $39.2 million, has sparked interest within the crypto sphere.
Crypto analyst Ali Martinez identified a potential bullish breakout pattern for SHIB on the daily trading chart, with a bull flag formation suggesting a significant upward surge towards the $0.000072323 price level. Martinez placed buy orders at $0.000018343 in anticipation of this movement. SHIB has risen over 4.3% in the last 24 hours and is currently trading at $0.00002301.
In April, the circulating supply of SHIB reduced significantly due to burns totaling 1,695,717,536 SHIB through user error, where investors sent SHIB to a burn contract address accidentally. The community is advised to verify wallet addresses to avoid such losses.
The SHIB burn rate has remained negative over the past 24 hours, with 26,352,008 SHIB destroyed. Despite this, ongoing burn initiatives aim to reduce the overall supply of SHIB, coupled with the recent transfer, potentially impacting the token’s price movement.
The combination of the transfer, potential price breakout, and ongoing burn initiatives will likely influence the short-term and long-term outlook for SHIB. Investors and enthusiasts will closely monitor these developments to assess the future performance of this meme coin.