Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed?

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Last week, Shiba Inu consistently traded above $0.000021 despite a continuous struggle between buyers and sellers. Notably, significant whale activity was observed in the network, as large amounts of SHIB tokens, totaling in trillions, were moved in and out of exchanges according to on-chain reports.

Earlier this week, SHIB experienced a price drop due to heavy selling in the preceding seven days. However, towards the end of the week, there were signs of a bullish turnaround, with buying activity picking up over the weekend. Notably, large investors transferred vast amounts of SHIB during this period, moving 3.19 trillion tokens within the last 24 hours alone.

Recent on-Chain Data Shows Large SHIB Whale Activity

Based on IntoTheBlock’s findings from their extensive transaction volume analysis, there was a significant increase in Shiba Inu transactions exceeding $100,000 last week. The total value of these transactions hit an impressive $661.5 million. Notably, on April 19th, SHIB transactions worth over $100,000 amounted to a staggering 6.36 trillion SHIB, equivalent to $144.76 million. In the past 24 hours, large transactions involving SHIB totaled 3.19 trillion SHIB, which equated to approximately $82.49 million.

Large amounts of SHIB are being transferred around, leading to the question: which direction are the whales moving their tokens? Surprisingly, on-screen data reveals substantial transactions between exchanges and wallets, hinting at uncertain intentions from major investors. An intriguing exchange saw 100 billion SHIB shifting into a cryptocurrency platform on Sunday. Some investors speculate that this could be a sell-off from the whale, implying a potential price drop in the near future.

What Does This Mean For Shiba Inu Holders?

Investing in SHIB for the average person can bring excitement and concern due to whale actions. An increase in large investors and transactions might signal broader acceptance and demand for the token. However, their actions could also heavily influence the price. When whales buy from exchanges, it usually leads to a price rise for Shiba Inu. Conversely, selling on exchanges often results in a price drop, as seen with the 100 billion SHIB transaction on Sunday.

Currently, SHIB is priced at $0.00002726 during this writing, marking a 6.65% rise from its previous price of $0.00002556 over the last 12 hours. Shiba Inu has also shown a significant improvement of 16% in the past week and is making strides towards surpassing Cardano in market capitalization rankings.

This week is expected to bring significant movement in SHIB‘s price as it approaches the resistance point of $0.000028. Based on IntoTheBlock’s “In/Out Of Money” data, approximately 6.62 trillion SHIB tokens were previously purchased at this price, and there are around 28,760 addresses eagerly anticipating profits. If the price surpasses this resistance level, further obstacles may emerge at $0.000029 and $0.000030.

Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed?

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2024-04-22 22:17