Big Whale Movement for Shiba Inu

Shiba Inu, the prominent meme coin, has been trading sideways over the past month, with a significant dip in the past week. On-chain data points to a continuation of this decline as selling pressure mounts. Notably, substantial movements by Shiba Inu Whales indicate a looming selloff, with a staggering 4.92 trillion SHIB moved to Coinbase.

On-chain Data Reveals Rising Sell Pressure for SHIB

Shiba Inu Whale Movement has become a hot topic, with major cryptocurrencies experiencing price drops in the last 24 hours. Bitcoin, for instance, dipped below $70,000, losing over 2% yesterday and extending its weekly losses to over 5%. This slump also affected major altcoins, with Ethereum dropping nearly 5%.

Shiba Inu Whale Movement leads to Price Drop

The Movement has led to noticeable price declines. Yesterday, Shiba Inu’s price fell by as much as 10%. A social media update from a large transaction monitor highlighted a substantial deposit of 4.29 trillion SHIB tokens into Coinbase by 10 whale wallets, valued at around $97.33 million at the time of transfer.

Implications of Potential Selloff

These significant transfers to Coinbase suggest that whales are preparing to liquidate their holdings, which could intensify selling pressure. The Shiba Inu Whale Movement indicates coordinated action, as the transaction patterns imply control by a single entity. These tokens were accumulated in two phases, with an average entry price of $0.00001309. With SHIB above $0.000022, a complete selloff could yield a profit of $41.22 million.