An anonymous large investor, referred to as a whale, significantly transferred 100 billion SHIB tokens from one wallet (beginning with 0x859) on an exchange, suggesting a potential selling frenzy. This unexpected network activity comes amidst SHIB’s bullish market trend, causing some uncertainty.
Initially, large transactions may cause market turbulence, possibly resulting in decreased prices as a response to heightened selling activity. The Shiba Inu price graph demonstrates narrowing price fluctuations with a descending trendline, indicating the market’s attempt to regain balance.
Shib has been confined to a narrowing price band, indicating a potential breakout may occur soon. Notable resistance lies at the previous peaks around $0.000029. At present, support levels are being upheld near $0.000023. Keep an eye on the 50 moving average as Shib consolidates for clues on its future direction.
Looking deeper into Shiba Inu‘s on-chain statistics reveals valuable information. The data indicates that a substantial number of addresses are currently making a profit from their purchases at lower prices. On the other hand, a considerable proportion of investors have not yet turned a profit and could be holding out for better deals.
With regard to the future of the asset, there’s been a significant drop in large transactions, implying a decline in whale activity following recent sales. If this sell-off doesn’t lead to widespread panic, the market might handle it without major price fluctuations. SHIB investors and traders will keep a close eye on the token to determine whether it can hold its support or give way to more selling pressure.
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2024-04-21 13:34