Last updated on May 18th, 2024 at 11:53 am
In a recent development, a Shiba Inu whale has emerged, transferring over 420 billion SHIB tokens to the US-based crypto exchange, Coinbase. Although the reason for the transaction is unknown, speculations have begun to rise among the crypto community.
Shiba Inu continues to be in the news for its numerous whale activities. A recent report from Etherscan – a blockchain explorer and analytic platform, shows that exactly 425 billion SHIB tokens (worth $3.2 million) were transferred from an anonymous wallet to the aforementioned exchange.
The global crypto market is experiencing an upward rally in price and Shiba Inu is not left out. Coincidentally, the reported transaction comes amid SHIB nearing an important resistance level at the 50 EMA.
Even though $3.2 million is not a significant enough amount to generally impact the price of the token, the action has raised eyebrows as it has been seen as part of an ongoing trend among SHIB whales selling off their holdings.
The approaching 50 EMA level could play a pivotal role in the token’s short-term price action. We could witness a reverse trend set off by whale sell-off activities like this one if SHIB fails to break through the resistance level.
Source: TradingView
Besides, Shiba Inu’s Relative Strength Index (RSI) – a metric used by traders to find entry and exit prices of an asset, indicates a bullish momentum, having crossed the value of 50. Still, the coin still suffers a generally low trading volume which indicates that the bullish rally might not be as strong as it appears.
Ultimately, even though Shiba Inu’s whale $3.2 million transaction would not have caused a liquidity crisis, it might be a sign of a wider pattern. These whales might be cashing in, particularly as SHIB nears a crucial resistance level.
Shiba Inu (SHIB) price reaction
Shiba Inu price. Source: Coinstats
The crypto market is experiencing a recovery as its global crypto market cap is up by 2.61% reaching 1.11 trillion. According to live data from Coinstats, Shiba Inu is currently changing hands at $0.0000075. This signifies a modest 0.38% increase in the last 24 hours.
What’s more, SHIB has a 24-hour trading volume of $115,536,771 ($115.5 million). Finally, Shiba Inu (SHIB) is ranked #18 on the crypto market chart with a live market cap of $4,393,694,607 ($4.3 billion).
Read More:
- Shiba Inu Whales Carry Out Cumulative Transactions Worth Over $10 Million
- Shiba Inu (SHIB) Burn Rate Surges 1,300%, Price Shows Slight Recovery
- Dormant Shiba Inu Whale Burns 77 Million SHIB Tokens in Single Transfer
