Mysterious whale moved 2.4 trillion Shiba Inu tokens: should we expect a big SHIB sale
Date: 2023-07-24 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Observing the stagnation of the SHIB price around $0.000008, Shiba Inu whales began to take action.
The increase in the number of large transactions this week has provoked a lot of speculation around SHIB. Let's figure out whether the whales will be able to turn the tide and launch a new price rally.
Unknown whale moved 2.416 trillion Shiba Inu
On July 19, the whale-tracking account WhaleAlert reported the movement of 2.416 trillion SHIB tokens. The sender's address is 0x34e associated with the Binance US exchange. The recipient's wallet has not yet been identified 0x058.
Currently, the price of Shiba Inu is around $0.0000077. This means that the value of the mixed tokens is estimated at about $18 million.
However, since the recipient wallet address is not yet known, members of the Shiba Inu community have speculated that the transfer from Binance US may be related to the upcoming launch of Shibarium.
If this optimistic sentiment remains in force, the negative news background will weaken over time, and the bulls will again push SHIB to the $0.0000085 mark.
Investors withdraw SHIB from exchanges
The decrease in the number of coins available for trading on exchanges also confirms the possibility of a positive scenario. According to Cryptoquant, from July 14 to July 21, the value of Shiba Inu's total supply on leading crypto platforms decreased by 4%, from $1.4 billion to $1.32 billion.
Strategic investors often interpret this as a bullish signal, indicating that holders do not want to sell tokens at the current price. It is noteworthy that the decline in supply on exchanges has already led to a slight increase in the price of SHIB this week.
If retail investors remain confident that the mysterious whale is not going to get rid of Shiba Inu, the ongoing speculation with the price of the meme coin could turn into a full-fledged rally.
Shiba Inu Price Prediction: $0.00001 Benchmark
Given the positive sentiment in the market and the reduction in the exchange supply, $0.00001 seems to be a very realistic goal. However, on the way to this mark, the bulls will face serious resistance: as can be seen in the chart below, 407,000 addresses that purchased 288 trillion SHIB at a minimum price of $0.000008 could trigger a pullback.
In the event of a fall below $0.000007, the bears will take control of the situation. 65,440 wallets that bought 32.5 trillion Shiba Inu At this price, they will offer some support to the asset. But if it does not stand, the memecoin quotes will sink again to $0.000006.
