March 6, 2024 at 03:45 AM GST



updated:
March 6, 2024 at 02:10 AM



2 mins read



News

  • Shiba Inu’s price soared by 52% in 24 hours, driven by a significant transfer from an unknown investor.
  • A massive 1.25 trillion SHIB, valued at $41 million, was moved from Cumberland to Robinhood, raising speculation.
  • Despite a retracement to $0.000037, Shiba Inu remains 56% away from its all-time high, with increased trading volume supporting its recovery.

Shiba Inu’s (SHIB) recent price surge has caught the attention of the crypto world, with the meme coin experiencing a remarkable 289% increase in just a week. 


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This surge has coincided with an uptick in large transactions, leading to speculation about the potential influence of big investors on Shiba Inu’s price movements. One such transaction involved the transfer of 1.25 trillion SHIB, worth over $41 million, from the crypto trading firm Cumberland to the popular trading platform Robinhood. This transfer is part of a larger wallet holding over $435 million worth of cryptocurrencies, with Shiba Inu comprising the majority at $345 million.

The surge in Shiba Inu’s price has seen it reach highs of $0.00045, a level last seen in December 2021, shortly after its all-time high. However, the token has since retraced to $0.000037, but it remains 56% away from its all-time high. Despite the retracement, increased trading volume suggests that Shiba Inu could be poised for another attempt at reaching its previous highs.

The recent whale movements and large transactions in Shiba Inu have raised questions about the driving forces behind its impressive performance. Some speculate that these large investors may be strategically influencing the market, while others attribute the surge to a broader bullish sentiment in the crypto market. Overall, Shiba Inu’s recent price movements highlight the volatile nature of the cryptocurrency market and the potential impact of large transactions on its price dynamics.

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