Bitcoin price dropped to $65,075, while Shiba Inu whales continue to make significant moves. According to on-chain data, a colossal amount of 461 billion Shiba Inu (SHIB) tokens was transferred to a wallet named Robinhood by the leading algorithmic trading firm Wintermute.
Billions of SHIB on the Move
The crypto data tracking platform Whale Alert reported that 461,631,206,896 SHIB worth $13,175,185 was transferred from Wintermute to an unknown wallet. Additional information provided by Etherscan reveals that the recipient wallet is identified as “Robinhood 2”.
The timing of the transfer coincides with a broader market downturn, where many major cryptocurrencies have lost value, thus triggering speculation. Such a move could signify increased trading activity or strategic accumulation by Robinhood in anticipation of future demand. However, the exact reason for this move remains unknown.
Dollar Index Rises! Cryptocurrencies Affected
Positive US manufacturing data pushed the dollar index to its highest level since mid-November, causing Bitcoin and other crypto assets to face selling pressure today. With the data showing an unexpected increase in US manufacturing activity in March, Bitcoin fell to $65,075 during the day. Following the manufacturing report, the probability of the Fed cutting interest rates in June fell below 50%.
As the flagship cryptocurrency Bitcoin’s price declined, Shiba Inu’s price also experienced a downturn. From this perspective, it is evident that Shiba Inu’s price is falling along with the general crypto market. At the time of writing, the cryptocurrency SHIB has dropped by 6.44% to $0.0000265 in the last 24 hours.
The meme coin Shiba Inu has been gradually declining since reaching its peak of $0.00003285 on March 28. If the declines continue, the level of approximately $0.00002288, where the daily MA 50 is located, could be seen as the next major support for the Shiba Inu price.
On the other hand, if the SHIB price recovers, the bulls might look for a breakout above the resistance levels of $0.00003 and $0.000032 for a new trend signal. However, it should be noted that this recovery will depend on the movement of Bitcoin’s price in the coming hours.
