Shiba Inu (SHIB) whales have been active in the market recently, with on-chain statistics indicating that they are preparing themselves for further gains from the meme coin. This event happens as the cryptocurrency token approaches its all-time high (ATH).
Shiba Inu Whale Accumulates 332 billion SHIB tokens
On-chain data suggests that over 332 billion SHIB were transferred from the trading firm Cumberland to a wallet associated with the cryptocurrency trading platform Robinhood. While the nature of the transaction is unknown, additional Etherscan data suggests that the Robinhood-linked wallet has been amassing SHIB on a huge scale over the last several days.
Aside from the one transaction of 332 billion SHIB, the wallet has received millions of SHIB tokens. A probable explanation is that the trading platform’s consumers have shown growing interest in the meme coin, prompting it to boost its SHIB holdings. Arkham Intelligence data suggests that Robinhood has about 40 trillion SHIB tokens.
Meanwhile, Robinhood appears to be only one of several venues where Shiba inu trading has increased. On-chain data suggest that Crypto.com’s SHIB holdings have surged considerably in the previous 24 hours. Notably, there was a transfer of 2 trillion SHIB tokens from one of the cryptocurrency exchange’s hot wallets to another.
According to NewsBTC, SHIB’s average daily fresh address count increased by 20 times in March compared to February. As a result, it is unsurprising that SHIB trading has increased on these platforms.
This burst in SHIB adoption is thought to be the result of a parabolic rise in the meme coin’s price this month, with investors attempting to position themselves ahead of further price increases.
Shiba Inu prices are expected to keep rising
Crypto expert Ali Martinez has proposed a scenario in which SHIB’s price may soar to as much as $0.000052. Furthermore, the crypto coin appears to be regaining the $0.000033 support level, which the analyst identified as significant. SHIB’s bullish momentum is bolstered by the fact that meme coins are emerging as one of the key narratives in this bull market.
According to crypto expert Michael van de Poppe, cryptocurrencies such as SHIB remain undervalued, indicating potential for additional growth. When these crypto coins make their next run, the analyst predicts them to break or come close to their all-time high. SHIB is currently trading at about $0.00003256, up in the last 24 hours according to CoinMarketCap statistics.
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