Last updated on May 18th, 2024 at 12:12 pm
In the last 24 hours, a substantial amount of SHIB tokens totaling 1.6 trillion has been moved across several wallets according to reports. The whale transactions involving Shiba Inu continue to rise which might signal a readiness for explosive growth.
In a recent development, Shiba Inu whales have made a series of transactions moving 1.6 trillion tokens across several wallets. Historically, such volume of transactions is usually attributed to investors taking steps before a potential price action.
The pattern of the transactions shows that a massive amount of SHIB tokens have been transferred from various crypto exchanges including Binance, and Coinbase. Also, transactions across several cold storages have been recorded.
The rapid succession of these transactions suggests that major holders may be redistributing funds. Transferring tokens to cold storage may signify a plan to lower the supply and possibly raise the price, whilst sending tokens to exchanges can show a ready-to-trade.
Observers can tell a lot about the destination of the transfers. When tokens are sent to cryptocurrency exchanges, it usually signifies a liquidation intent or at least, a preparation for a liquidation event.
In contrast, movement to cold storage can signify a long-term holding strategy. The mouth-watering number of SHIB tokens involved in these transactions can potentially impact the price of the token in the market.
Shiba Inu (SHIB) price reaction
The effect of these activities can be slightly seen in the price of SHIB. According to Coinstats data, Shiba Inu is currently trading at $0.0000088, representing a 1.9% decrease in the last 24 hours.
What is more, SHIB is currently trading slightly over a crucial support level in a fragile zone. Also, SHIB has a 24-hour trading volume of $86,930,745 ($86.9 million) and a live market cap of $5,231,431,766 ($5.2 billion).
Notably, investors should keep an eye on the 100 EMA level. If this line is broken, it could pave the way for further gains in the short term.
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