fmcpay shiba inu whale offloads 3 tln coins has shib price topped

Shiba Inu Whale offloads 3 Tln coins, has SHIB price topped?

Shiba Inu, the self-described “killer of Dogecoin,” made headlines today after a whale was recorded as selling a staggering 3 trillion coins to Robinhood as the price of SHIB began to rise again.

Shiba Inu Coin: Maximizing Potential for $100 to $700K Growth

In an intriguing change of events, a well-known cryptocurrency whale has sold Robinhood close to 3 trillion coins, creating a stir within the cryptocurrency world, just as Shiba Inu’s price has resumed its incredible upward speed over the last 24 hours. The whale’s action, along with SHIB‘s over 10% price increase, has stoked expectations in the market that the coin’s price has reached its peak.

Due to the whale transaction, which is mostly the result of profit-taking during a price increase, investors and traders in the cryptocurrency market are speculating about the future price movements of the SHIB. Here are some more details about the current market data for the meme currency with a dog theme.

Investor Worries About the Orbiting Shiba Inu Due to Whale Data

According to information compiled by the on-chain analytics tool Whale Alert, 3 trillion SHIB, or $74.78 million, was transferred to Robinhood on May 16. Interestingly, the massive SHIB transfer was made possible by the registration of the unknown address 0x73af3bcf.

According to CoinmarketCap’s data, SHIB’s price trend showed a period of sideways trade after the big currency dump to Robinhood. This may highlight the ramifications of the significant selling pressure that SHIB experienced, which was mainly brought on by the massive whale transaction that was previously reported.

Shiba Inu price May 16

Nevertheless, Shiba Inu’s on-chain data, which highlights a robust market rise, has unleashed positive waves throughout the cryptocurrency landscape.

SHIB price soars, what’s next?

Now trading at $0.00002511, SHIB’s price has increased 8.95% in the last 24 hours as of this writing. $0.00002302 and $0.00002575 are its 24-hour highs and lows, respectively.

A 17.29% spike in the meme coin’s open interest (OI) was highlighted by data, which was followed by a 32.31% surge in derivatives volume. At the time of publishing, this data highlighted a very positive market picture for Shiba Inus, which further fueled investors’ confidence for the meme coin with a dog motif.

Shiba Inu has given cryptocurrency market participants optimism for further pumps in the near future by signaling a significant increase in investor interest, which has been further supported by increased trading activity. The asset appears to be neither overbought nor oversold, as shown by the RSI’s hovering around 55. 

Check Out the Latest Prices, Charts, and Data of SHIB/USDT

Coinbase creates a new service to compete in the $664 billion Australian pension market

The United States cryptocurrency exchange Coinbase is developing a new product that will provide digital assets to Australia’s expanding self-managed pensions market.

Coinbase is “doubling down” on Singapore following license

According to Bloomberg, which cites Coinbase Asia-Pacific managing director John O’Loghlen, cryptocurrency exchange Coinbase is working on an as-yet-unannounced program that will provide cryptocurrency investment products for portfolios that comprise around 25% of Australia’s $2.5 trillion pension system.

In his remarks, O’Loghlen made a suggestion that the exchange’s new offering is intended to serve customers who might just make a single allocation with the service provider as opposed to carrying out frequent or recurrent business.

“Self-managed super funds might just make a single allocation and set it and forget it. We are working on an offering to service those clients really well on a one-off basis — to have them trade with us and stay with us.” John O’Loghlen

The precise launch date of Coinbase’s new service is unknown, though. The launch of the exchange’s new product coincides with rumors that Australia is preparing to accept spot Bitcoin exchange-traded funds (ETFs), which have already received permission in the US and Hong Kong.

By the end of 2024, the Australian Securities Exchange (ASX) is expected to approve the first spot Bitcoin ETFs for the main board, as research in late April. At least a few issuers, such as BetaShares, VanEck, and DigitalX, are already in the process of releasing their goods on ASX. But it’s unclear when exactly spot cryptocurrency ETFs will be approved.

According to Jamie Hannah, deputy head of investments and capital markets at VanEck Australia, major purchasers of spot-crypto funds may come from self-managed superannuation schemes, which account for about 25% of the nation’s $2.3 trillion pension market.

China busts $1.9B underground banking operation using USDT

The operation involved transactions worth about 13.8B yuan ($1.9B).

Chinese anxiety over “Peak China” and how it may impact China-India ties

Police in the Sichuan province of Southeast China have taken down an underground bank that exchanges foreign currencies using the USDT stablecoin, with at least 13.8 billion yuan ($1.9 billion) in transactions.

According to a report released by the Chengdu municipal police on Thursday, the criminal cell mostly catered to those who were looking to buy assets abroad or smuggle cosmetics and medications.

Authorities have seized assets worth 149 million yuan and detained 193 people countrywide in relation to this investigation, according to the article. Money is sent through unofficial ways rather than through regular banking systems.

According to reports, the criminal organization, which is headed by people with the surnames Lin, Weng, and Chen, began using USDT stablecoin in January 2021 to make illicit cash transfers easier.

This bust comes after another case in Jilin province whereby an additional underground bank with $295 million in assets was discovered, again using cryptocurrencies for exchange transactions.

China has tightened money controls over the years, which has led some people to adopt cryptocurrencies to get around the laws.

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