Shiba Inu Faces Massive Sell Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

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As a researcher with extensive experience in the cryptocurrency market and on-chain analysis, I have been closely monitoring the recent price movements of Shiba Inu (SHIB). The data I’ve gathered suggests that there is significant selling pressure building up for SHIB in the short term.

Shiba Inu, the second-largest meme coin, has been exhibiting a sideways trend over the past month, but there’s been a noticeable downturn in the last seven days. On-chain analytics suggest this bearish trend could persist in the near term due to mounting selling pressure. Notably, significant Shiba Inu holders have recently shifted large quantities of SHIB – around 4.92 trillion tokens – to the cryptocurrency exchange Coinbase. This mass transfer may be a sign of an upcoming sell-off.

On-chain Data Suggests Massive Sell Pressure For SHIB

As a market analyst, I’ve observed that many large cryptocurrencies experienced price decreases within the past 24 hours. For instance, Bitcoin, which previously sat above $70,000, saw a drop of more than 2% and incurred additional losses over the past week, amounting to over 5%.

As I delved deeper into the cryptocurrency market analysis, an unexpected turn of events unfolded. The US Labor Department’s release of the May jobs report yesterday led me to this discovery: a significant surge in unemployment rate within the US economy. This revelation triggered a domino effect, causing major altcoins, including Ethereum, to plunge by nearly 5%.

Shiba Inu experienced a decline in price, with the crypto’s value dropping by up to 10% at its peak the previous day. Notably, OnchainDataNerd, a well-known large transaction monitor on social media, reported that ten whale wallets transferred a total of 4.29 trillion SHIB tokens to Coinbase. The value of these tokens amounted to approximately $97.33 million at the time of transfer. This significant deposit to Coinbase enables the whales to easily dispose of their holdings, potentially leading to increased selling pressure in the market.

Expert: The cryptocurrency analyst, OnchainDataNerd, noted an intriguing transaction pattern from these large wallets. Their accumulation of tokens occurred in two separate instances in September 2021 and March 2024, with an average purchase price of $0.00001309. Currently, SHIB trades at a price significantly higher than this entry point, leading to a potential profit of over $41 million should these whales decide to sell their entire holdings.

5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase
In September 2021 and March 2024, two distinct purchases were made amounting to $SHIB. The average cost basis for these acquisitions is $0.00001309 each. If all of this holding is sold now, the resulting profit would amount to a substantial $41.22 million.
— The Data Nerd (@OnchainDataNerd) June 11, 2024

Shiba Inu Price Needs Buyers To Rebound

Currently, SHIB is priced at $0.00002217 during this writing session. Over the past week, its value has dropped by 15.10%. In the last 24 hours alone, SHIB has attempted to find support twice at the price of $0.00002117. However, given the heavy selling pressure, there is a strong possibility for additional declines in the cryptocurrency’s value. For the Shiba Inu price to recover amidst intense selling pressure, it requires an influx of buyers to purchase and absorb the surplus supply.

Alternatively, the sharp rise in Shiba Inu’s burn rate hints at waning selling pressure. This surge corresponds to a staggering 68,000% jump within the last 24 hours. Although the immediate market trend could be bearish, the optimistic view remains that SHIB is poised for significant growth, potentially reaching $0.00024 – a 1,100% price increase.

Shiba Inu Faces Massive Sell Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

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2024-06-13 09:11