Shiba Inu Whale Takes Out 2.2 Million SHIB In Robinhood, Should You Follow Whales?

Shiba Inu whales are on the way again, making people think about what to expect from a meme frame. One whale, in particular, caught the attention of the SHIB community following the massive withdrawal of the popular crypto and stock exchange Robinhood.

Whale Takes Nearly $40 Million From Robinhood

The tongue-wagging Shiba Inu whale transaction was first flagged on June 20 by on-chain whale tracking platform Whale Alert. According to the report, the whale had removed a total of 2.2 billion SHIB from the trade, which was worth about 40 million dollars at the time of this transfer.

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The whale moved the coins to an unknown wallet, something that could be bullish on the price. This is because when whales move their coins to an exchange, they intend to sell, which may cause the price to fall due to selling pressure. However, when whales remove coins from trading, it may mean that they are not planning to sell and hold better prices.

In this case, the whale has gone the last way, suggesting collecting rather than selling. Also, given the large number of coins being withdrawn from the Robinhood exchange, it has removed a significant amount of supply from the open market as of now.

However, the whale transaction did not have a significant impact on the price. SHIB’s price is still trading below $0.00002 at the time of writing, although this provides ample opportunity for those investors who want to get in on the cheap.

Shiba Inu Still has legs

Despite the price drop that has rocked the meme coin in recent times, expectations have not diminished as analysts are predicting another crypto bull market. One of those who still see a bright future for the meme coin is the Shiba Inu sales lead LUCIE.

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According to LUCIE, SHIB is still in office. Sharing the Wall Street Cheat Sheet, he shows that the meme coin is now in the pre-Optimism era. Now, the Wall Street Cheat Sheet shows that this is where investors start to believe that the rally is real.

From here, the price is expected to continue to rise as investors go through feelings of Belief, then Thrill, and finally Euphoria, before prices begin to correct. If LUCIE is right, then the real rally is yet to begin and the price of the Shiba Inu could rise significantly.

At the time of writing, SHIB price is struggling to find support at $0.000018 from the bears. However, as the price of Bitcoin fails to move higher, the weekend could bring more downside to the market.

The featured image was created with Dall.E, a chart from Tradingview.com