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SHIB has experienced a value increase of over 8% in the past week, gaining upward momentum. However, speculation has arisen regarding the potential for new selling pressure on SHIB due to billions of tokens being transferred to Coinbase during the day.
Value Increase Approaching Double Digits
The cryptocurrency market, after initial gains earlier in the week, has once again entered a downturn. The leading cryptocurrency, Bitcoin (BTC), fell below $30,000 and began trading at around $29,400.
With BTC’s losses impacting the market, most altcoins experienced further declines this week. The total market capitalization of the cryptocurrency ecosystem fell to around $1.17 trillion, according to CoinMarketCap (CMC) data.
However, despite the overall decline in the cryptocurrency market, some cryptocurrencies continued to rise and stand out. SHIB, which has maintained upward momentum, saw its value increase approach double digits in the past week.
Is New Selling Pressure Coming?
SHIB Inu (SHIB), which has seen an increase in value of over 8% in the past week, outperformed many other high market cap cryptocurrencies. However, a cryptocurrency transfer, including the transfer of billions of tokens to Coinbase, has led to speculation about the potential for new selling pressure on SHIB.
Wu Blockchain drew attention to the aforementioned cryptocurrency transfer during the day by sharing Etherscan data. According to Etherscan data, the bankrupt crypto company Voyager transferred 1,500 ETH worth an average of $2.77 million and 250 billion SHIB worth an average of $2.7 million to Coinbase.
