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 trading above $0.000022, a complete selloff could yield a profit of $41.22 million.
Market Outlook
The Shiba Inu Whale Movement is a critical factor to watch as it suggests continued price pressure. The recent massive transfer to Coinbase by large holders indicates potential market shifts. As the cryptocurrency market remains sensitive to economic indicators, understanding these whale movements is crucial for predicting future trends.
Conclusion
Shiba Inu faces potential further declines due to increasing selling pressure from major holders. The Shiba Inu Whale Movement to Coinbase signals a possible large-scale selloff, which could significantly impact the market. Keeping an eye on these whale movements will be essential for navigating the volatile landscape of digital assets.
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