Late yesterday, an Etherscan-registered block indicated that a wallet address bought 20 trillion Shiba Inu tokens (worth over $1B). A screenshot of the transaction (image below) showed that crypto.com was the source of the transaction. However, this whale transaction has yet to impact the SHIB price, with CoinMarketCap data indicating that SHIB has lost 1.5% over the past 24 hours.
Transaction Origin. Source: Crypto.Com
A Manipulative Strategy?
This transaction might convince those yet to decide on buying Shiba tokens to do so. The token’s worth is driven by its community’s sentiments (like many other similar coins) and not by any technical or fundamental analysis. However, this transaction may be a manipulative strategy to create a pump then dump it.
Unsurprisingly, the number of large SHIB holders is small compared to its huge circulation supply. Currently, 65% of the entire SHIB circulation supply is shared among 10 SHIB holders. Some crypto investors see this kind of holdings as a red flag since these large holders can determine the direction and price of the digital asset. If this happens, the whales make gains while the traders (whether long-term or short-term) lose the most.
50% Of One Million Petition Signatures Achieved
SHIB price remains bullish right now despite a slight lull in the last 24 hours. Everyone is all about profit, as no one is considering any of these possible red flags. Six months ago, a SHIB enthusiast created a change.org petition to enable Robinhood to list SHIB on its trading platform.
The goal is to gather one million signatures, and as of this writing, 50% of the target signature has been achieved. However, Robinhood remains silent on the SHIB listing creating a FUD situation about the token. The trading platform didn’t update the SHIB listing when it tweeted its crypto roundup for the week last Friday.
Similarly, another trading platform, Kraken, isn’t giving any updates regarding the approval or denial of SHIB listing on its trading platform. Kraken has also been providing updates about other cryptocurrencies but not SHIB.
Coinbase Listing And Price Action
However, there is also good news, Coinbase has approved trading on SHIB for its new york customers. When Coinbase lusted SHIB two months ago, its userbase increased astronomically such that the exchange giants started including SHIB in all their marketing campaigns. While it is likely that Kraken and Robinhood will deny the SHIB army their desired SHIB listing, they need to make the announcement quickly and stop the unnecessary fud on the token.
There was intense bullish price movement by SHIB during last Friday’s Asian trading session pushed its price to almost 40% over the Friday low. But SHIB won’t embark on a new bullish run unless it surpasses its next two resistance price levels. The Elliot wave analysis of this token shows that SHIB has completed the 4th wave, which closed on 0.619 fib retracement. Hence, it is likely that SHIB would complete the 5th wave as predicted by various analysts.
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