Once more, Shiba Inu (SHIB) whales have been active, engaging in substantial transactions involving the meme token over the past 24 hours. Predictably, these transactions have sparked worries that cryptocurrency investors may be gearing up to unload their tokens on the market.
Billions of SHIB Shifted by Shiba Inu Whales
According to on-chain data, significant movements of Shiba Inu tokens (SHIB) have been observed, with whales conducting transactions involving billions of SHIB tokens. Notably, one transaction involved the transfer of 77.2 billion SHIB tokens to a Coinbase wallet, while over 205 billion SHIB tokens were moved across various wallets, with some being sent to a Robinhood wallet. The transfer of tokens to popular crypto trading platforms like Coinbase and Robinhood has raised concerns within the community, sparking speculations that these Shiba Inu whales may be preparing to sell off their holdings to capitalize on potential profits. Such large-scale transactions have the potential to significantly impact the price of the meme coin due to their substantial volume.
The recent actions of Shiba Inu whales come amidst a backdrop of other notable figures, including Rune Christensen, the founder of MakerDAO, reportedly taking profits in recent weeks. These actions have further fueled apprehensions within the community regarding the intentions behind the recent whale transactions.
Despite the possibility of a sell-off, it’s essential to consider alternative scenarios. It’s plausible that some investors view the recent dip in SHIB’s price as an opportunity to accumulate more tokens, leveraging the temporary downturn in the market. SHIB’s journey has been characterized by significant price fluctuations, including a remarkable ascent that propelled it into the ranks of the top ten cryptocurrencies by market capitalization. However, its subsequent decline has led to its exclusion from this coveted position.
Bullish momentum persists for Shiba Inu
If the recent wave of profit-taking among investors has subsided, Shiba Inu (SHIB) might be poised for another upward surge. According to crypto analyst Xanrox, there’s a possibility for SHIB to achieve a new all-time high (ATH) by July. This forecast suggests that we could witness further parabolic movements in its price trajectory.
The underlying fundamentals of SHIB also hint at the potential for continued upward momentum. The development team behind Shiba Inu remains actively engaged in creating innovations that could drive SHIB’s value higher. Additionally, while daily transactions on Shibarium have seen a decline, there’s optimism that they will rebound in the future. A significant uptick in SHIB burns is anticipated once transaction volumes increase.
As of the latest data from CoinMarketCap, SHIB is currently trading at $0.00002771, reflecting a slight decline of nearly 1% over the past 24 hours.
The price of SHIB stands at $0.000027.
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