Shiba Inu Whales on the Move Once Again
There have been recent reports of Shiba Inu whales making significant movements of SHIB tokens on-chain. These transactions have raised concerns about whether these large holders are planning to sell their substantial amounts of coins, especially as the price of the meme coin is currently rising.
Large Transactions by Shiba Inu Whales
In the past few days, Whale Alert, a whale tracker, has detected two notable transactions involving Shiba Inu tokens. The first transaction, which occurred on October 31, involved the movement of over 4.47 trillion SHIB tokens worth $35.35 million at that time. The second transaction, which took place on November 1, also involved a large amount of SHIB tokens (4.46 trillion), valued at $33.9 million during the transaction.
These two transactions have sparked investor concern due to their size and destination. Analyzing the origin and destination of these transactions can provide insights into their potential impact on the SHIB price.
Bullish Signs for SHIB
An examination of the origin and destination of each transaction suggests a more bullish outlook for SHIB. The first transaction involved a transfer from an unknown wallet to another unknown wallet, indicating that the owner may be moving the coins for safekeeping purposes.
Alternatively, it is possible that this transaction was an over-the-counter (OTC) sale. OTC sales are conducted in a way that minimizes market impact by avoiding dumping coins on the open market.
The second transaction is even more bullish, as it involves the withdrawal of coins from the Bitvavo crypto exchange to a private wallet. This suggests accumulation rather than selling.
Considering that neither of these transactions shows signs of selling, it is likely that these whales are holding onto their coins and maintaining faith in SHIB. This indicates a more bullish sentiment for the Shiba Inu token.
Shiba Inu Price Performance
Currently, Shiba Inu is trading at $0.0000079, experiencing a 3.93% increase in the past 24 hours. However, it has seen a 1.53% loss on the weekly chart.
Hot Take: Whales Holding Strong
The recent movements of SHIB by Shiba Inu whales have sparked concerns among investors about potential sell-offs. However, analyzing the origin and destination of these transactions reveals a more bullish outlook for the meme coin. With one transaction indicating safekeeping and another suggesting accumulation, it appears that these large holders are still holding onto their coins and maintaining faith in SHIB’s future. As Shiba Inu continues to trade at a relatively high price and experiences upward momentum, it remains to be seen how these whales’ actions will impact the market in the long run.
By
By
By
By
By