As a researcher with extensive experience in the crypto market, I’ve witnessed firsthand how whale transactions can significantly impact the price movements of various tokens. The recent transfer of 199 billion SHIB from one whale to Coinbase has once again brought Shiba Inu into the limelight.
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu, which some call the “Dogecoin killer,” has caused quite a stir once again. After experiencing significant price increases the day before, SHIB‘s value has dipped back into the red zone. Remarkably, a large investor, or “whale,” has been observed transferring massive amounts of Shiba Inu coins to Coinbase, one of the world’s major cryptocurrency exchanges.
The revelation of this development has sparked a diverse range of reactions among investors, casting a veil of doubt over SHIB‘s future price trends. To gain a more profound understanding of the current state of affairs for one of the most popular dog-themed meme tokens, let us examine the latest whale transactions and market influences in closer detail.
Whale Makes Profit With Massive SHIB Transfer
Based on SpotaChain’s analysis of on-chain data, whale 0x541 transferred 199 billion SHIB coins to Coinbase on May 17.
Significantly, the whale acquired those tokens, specifically SHIB, from Coinbase during the time frame spanning October 2021 to September 2023. Subsequently, the whale transferred all their SHIB holdings into Coinbase and calculated an approximate gain of $3.2 million.
While it’s clear that the whale has earned substantial gains from SHIB by making timely purchases, it’s important to note that current feelings towards this asset are less than hopeful.
The market direction shifted dramatically when the significant whale’s trade aligned with profit-taking tendencies. Crypto traders interpret this move as possibly bearish, increasing the likelihood of more sellers entering the market and potentially lowering the token’s value further.
Simultaneously, the decline at the whale dump highlighted a decrease in investor enthusiasm for Shiba Inu’s prospective profits, leading crypto traders and investors to anticipate a downward trend in its price movement.
SHIB’s Price Slips
As a researcher studying the cryptocurrency market, I’ve observed that SHIB‘s price has experienced a 2.60% decrease over the past 24 hours, currently sitting at $0.00002445. This downward trend aligns with the overall bearish market sentiment. However, it’s important to note that a significant amount of SHIB tokens were sold recently, contributing significantly to this price drop.
The latest data from Coinglass indicated a decline of 4.89% in SHIB‘s open interest, amounting to $73.43 million. In addition, derivatives volume saw a significant decrease of 44.25%, settling at $178.04 million. This data fueled pessimistic views towards SHIB, suggesting decreased market engagement and investor attention.
Despite the RSI hovering around 51, indicating that Shiba Inu is neither overbought nor oversold, there’s a possibility of a downward price trend if selling pressure increases. On the other hand, if bulls regain control and the community continues to burn tokens, the long-term outlook could be optimistic with bullish prospects.
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2024-05-17 08:04