Shiba Inu’s Price Tanks 4% Amid 100B SHIB Moved To Coinbase, What’s Next?

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As an experienced financial analyst, I’ve seen my fair share of market fluctuations and whale transactions that have significantly impacted the price movements of various cryptocurrencies. The recent transfer of 100 billion SHIB tokens from an anonymous whale to Coinbase is one such event that has piqued my interest and raised concerns among investors in the Shiba Inu community.

In the context of Shiba Inu undergoing a price decrease over the last week, the meme coin exhibited a continued decline on May 13, sparking considerable interest among investors. Amid this trend of falling prices, a large investor was identified as transferring an enormous amount, equating to 100 billion SHIB, to Coinbase – a prominent cryptocurrency exchange on a global scale.

As a researcher studying the meme coin market, I’ve noticed that the dog-themed crypto’s recent price movements have sparked much debate and conjecture. Additionally, while the Shiba Inu community has made headlines with their token burns and SHIB ecosystem enhancements, the persistent downward trend in the meme coin’s price has given rise to pessimistic views among investors.

100 Bln SHIB Moved To Coinbase: What’s The Scoop?

Based on information from “The Data Nerd” on-chain tracker, the cryptocurrency wallet identified as 0x462 transferred 100 billion SHIB coins to Coinbase on the current date. It’s crucial to mention that this transaction doesn’t automatically mean a sell order was placed. Nevertheless, considering the recent downturn in SHIB’s value, there are ongoing discussions regarding the potential significance of this transfer.

Simultaneously, the information reveals that the whale acquired these assets with an average purchase price of $0.00002408. If they decide to sell at this moment, they are predicted to incur a loss of approximately $178,000.

After conducting a thorough examination, it was determined that this particular address did not contain any other crypto assets aside from SHIB in its digital wallet. Previously, some transactions involving SHIB had taken place at this address.

With Shiba Inu’s price trending downward, the recent transfer of large amounts of this cryptocurrency to a Coinbase wallet has fueled rumors that the whale may be selling, leading some investors to question whether SHIB‘s future value is in doubt.

Shiba Inu Price Sinks, More Pain Ahead?

As an analyst, I’ve noticed some significant shifts in SHIB‘s price and market statistics over the past day. Specifically, the price of this meme coin dipped by 3.84%, now resting at $0.00002173. Additionally, its market capitalization saw a decline of 3.76% to reach $12.81 million. Conversely, there was an uptick in the 24-hour trading volume, which increased by 23.14% to hit $222.01 million.

The Open Interest for SHIB on Coinglass declined by 1.68%, amounting to $57.99 million. In contrast, there was a significant surge in Derivatives Volume, increasing by 46.46% to reach $84.39 million.

The data highlighted above demonstrates increased trading of Shiba Inu tokens, but with fewer investors showing interest in the asset. This situation underscores the current market instability for Shiba Inu. Meanwhile, the Relative Strength Index (RSI) stood at 38, suggesting some selling pressure on the token.

As an analyst, I’ve noticed that the technical indicators suggest a selling trend for Shiba Inu at the moment. Therefore, it’s possible that we may see further price drops in the near future. However, looking beyond the short term, there are several factors that could contribute to a bullish outlook for Shiba Inu.

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2024-05-13 09:34