The cryptocurrency world’s second most popular meme coin, Shiba Inu, saw massive transactions in the last 24 hours. Accordingly, 1.5 trillion SHIB tokens changed hands during this period. These large whale transactions occurred amid significant volume increases observed in the market over the past 48 hours. Now, Shiba Inu’s efforts to reverse its trend, i.e., to rise, can be observed.
Shiba Inu Whales Stir the Waters
Leading exchanges such as Binance, Coinbase, Kraken, Gate.io, and Robinhood were among the players involved in these transactions. The volume of SHIB transactions ranged from 42.6 billion SHIB to 397 billion SHIB.
Binance Hot Wallet transferred 357.4798 billion SHIB worth $7.82 million. This likely indicates significant exchange transactions or large-scale trades. Coinbase Hot Wallet acquired 808 billion SHIB worth $1.88 million, participating in various transactions. This move probably shows substantial accumulation by individual investors or institutional players.
Cumberland DRM sent 112 billion SHIB worth $2.67 million and received 105 billion SHIB worth $2.49 million. Robinhood, reflecting retail interest or platform-driven movements, made a transfer of 208 billion SHIB worth $5.09 million.
Large Movements Do Not Predict Price Direction
These large movements, while impressive, do not guarantee sudden price increases or decreases. The cryptocurrency Shiba Inu’s price is currently trading at approximately $0.00002364 on the SHIB/USDT daily chart. The price generally tends to consolidate within a descending triangle formation but recently tested the upper levels of the formation.
The cryptocurrency Shiba Inu price is squeezed between the 50 and 100 EMA (Exponential Moving Average), indicating a potential upcoming volatility increase. Breaking the 50-day EMA at the $0.000024 level is considered a bullish signal, while failing to break this level may lead to further consolidation or a bearish expectation.
It should be noted that Shiba Inu’s price has a long way to go to reach the $0.00008 peak. In the event of a bull market, SHIB’s price is expected to surpass these levels. Let’s see if SHIB’s price can exceed its previous peak in the next meme coin wave.
