Despite the current bearish market, Shiba Inu coin (SHIB) has garnered significant investor interest, with a notable whale accumulation of 600 billion coins from Robinhood. This substantial purchase, worth $13.71 million, has sparked optimism among market enthusiasts, hinting at a potential price rally ahead.

Market Sentiments Boosted

The massive accumulation has instilled confidence in the asset, indicating that large-scale investors remain bullish on SHIB's future prospects. According to Whale Alert, the 600 billion SHIB transfer occurred on June 11, with the token trading at $0.000022. Interestingly, the same wallet address had previously offloaded 3 trillion SHIB to Robinhood, suggesting a possible "buy-the-dip" strategy.

On-chain Statistics

While the significant accumulation has fueled optimism, SHIB's price has dropped due to selling pressure from other wallets. According to "The Data Nerd," 4.29 trillion SHIB was shifted to Coinbase by ten wallets, with an average entry price of $0.00001309. If sold for profit-taking, this would result in a $41.22 million gain at the current price.

Price Movement

As of writing, SHIB's price has slipped 2.05% in the past 24 hours to $0.00002244. The meme coin's 24-hour lows and highs are $0.00002227 and $0.00002358, respectively. With an RSI of 38, downside pressure persists, but massive buying could trigger an upward price trajectory.

Conclusion

The significant whale accumulation and notable burn rate suggest that SHIB may be poised for a price surge as the market recovers. With bulls potentially taking control, crypto enthusiasts remain optimistic about SHIB's future prospects. As the market continues to fluctuate, the Shiba Inu coin's performance is certainly one to watch.