The cryptocurrency community recently witnessed a noteworthy event involving Shiba Inu (SHIB). Whale Alert, a prominent blockchain tracker, detected a substantial transfer of SHIB on May 2nd by Robinhood, a popular US-based investing app.
An unidentified wallet, designated as -4D935, acquired two separate transactions of 875 billion SHIB each, totaling a staggering 1.75 trillion SHIB. This massive transfer, valued at an estimated $39.2 million at the time, has sparked speculation and curiosity within the crypto sphere.
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Concurrently, crypto analyst Ali Martinez has identified a potential bullish breakout pattern for SHIB on the daily trading chart. The formation of a bull flag suggests a possible significant upward surge, potentially targeting the $0.000072323 price level.
In anticipation of this potential movement, Martinez positioned buy orders at approximately $0.000018343. According to data from CoinMarketCap, SHIB has experienced a surge of over 4.3% within the last 24 hours and is currently trading at $0.00002301.
Examining Recent Shiba Inu Burns
The Shibburn explorer reported a significant reduction in the circulating SHIB supply in April. The Shiba Inu community burned 1,695,717,536 SHIB through 204 transactions, effectively locking these tokens in unspendable blockchain wallets. However, it is crucial to note that these burns were not intentional.
Instead, they occurred by user error, with investors accidentally sending their SHIB to the burn contract address. Shibburn emphasized this in a recent tweet, urging the community to exercise caution and carefully verify wallet addresses before initiating transactions to avoid such irreversible losses.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Over the past 24 hours, the SHIB burn rate has remained negative (720%), with only 26,352,008 SHIB destroyed. However, the community’s effort to reduce the overall supply of SHIB is unrelenting. This recent transfer, combined with ongoing burn initiatives, has the potential to significantly impact the token’s price movement in the near future.
The collective impact of this massive transfer, potential price breakout, and relentless burn initiatives are likely to shape the short-term and long-term outlook for SHIB. Investors and enthusiasts alike will be closely monitoring these developments to assess the future performance of this wildly popular meme coin.
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