Whales move 4.29T SHIB amid heavy sell pressure. On-chain data suggests the downtrend in the SHIB’s price may persist in the short term due to increasing selling pressure.
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Whales move 4.29T SHIB
Shiba Inu, the second-largest meme coin, has experienced a sideways price movement over the past 30 days, with a notable decline in the last seven days. Recently, major Shiba Inu holders have transferred trillions of SHIB, signaling a potential impending selloff. Notably, 4.92 trillion SHIB tokens were moved to the cryptocurrency exchange Coinbase.
Most large-cap cryptocurrencies have seen price declines in the past 24 hours. For example, Bitcoin fell below $70,000, losing over 2% yesterday, which extended its 7-day losses to more than 5%. This drop has impacted major altcoins, with Ethereum plunging nearly 5%.
This sudden market movement was largely influenced by the U.S. Labor Department’s recently released May Jobs report, revealing a rising unemployment rate in the U.S. Shiba Inu was not spared from these declines, with its price dropping as much as 10% yesterday.
SHIB Tokens deposited to Coinbase
According to a recent social media post by OnchainDataNerd, a large transaction monitor, 4.29 trillion SHIB tokens were deposited into Coinbase by 10 whale wallets. At the time of transfer, these tokens were worth approximately $97.33 million.
https://twitter.com/OnchainDataNerd/status/1800427511890993545
The substantial transfer to Coinbase suggests these whales now have a convenient means to offload their holdings, potentially introducing new selling pressure into the market. OnchainDataNerd also noted that the transaction patterns from these whale wallets indicate they might be controlled by the same entity.
The tokens were accumulated during two periods, in September 2021 and March 2024, with an average entry price of $0.00001309. Given that SHIB is currently trading above $0.000022, a total selloff of these tokens could generate a $41.22 million profit for the whale(s).
Shiba Inu Price Needs Buyers to Rebound
Currently, SHIB is trading at $0.00002217, down 15.10% over the past seven days. The cryptocurrency has tested support at $0.00002117 twice in the past 24 hours and is at risk of further decline amidst ongoing selling pressure. For the Shiba Inu price to rebound, there needs to be sufficient buying interest to absorb the excess supply.
https://coinmarketcap.com/currencies/shiba-inu
However, a recent surge in the Shiba Inu burn rate suggests that the selling pressure might soon subside. Over the past 24 hours, the SHIB burn rate has increased by an extraordinary 68,000%. Despite the current negative impact on short-term price movements, the long-term outlook remains positive. According to an analyst, Shiba Inu’s price could soar to $0.00024, representing a 1,100% increase from the current price level.
Conclusion
To conclude, while Shiba Inu whales move 4.29T SHIB adding to the significant short-term challenges due to heavy selling pressure and market-wide declines, the remarkable increase in its burn rate and positive long-term outlook offer hope for recovery. If buying interest can absorb the current supply, SHIB’s price has the potential to rebound and achieve substantial gains in the future.
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