Get Ready For SHIB’s Moves

A eye-opening 1.5 trillion tokens moving in a 24-hour period were spotted on Shiba Inu network. These large transfers are critical for traders to note as they could indicate upcoming price movements.

The transfers involve significant amounts, with one noticeable transaction moving 53.08 billion SHIB, valued at approximately $1.36 million, directed toward an unidentified recipient from what appears to be a private wallet. Another notable movement is from a Coinbase “hot wallet” with over 106.33 billion SHIB, equating to around $2.65 million, likely an internal transfer or preparation for a volatility surge, which is what we are looking for.

On the sender’s end, exchanges like Uniswap and Upbit are involved, suggesting liquidity shifts or strategic positioning by high-volume traders. Such moves are possibly signaling accumulation by major players or the transfer of funds in response to or in anticipation of market events.

Analyzing the impact of these transfers on SHIB’s price is complex. While large inflows to exchanges typically suggest potential selling pressure, outflows can imply the opposite — a preparation for a bullish move or safekeeping. It is essential to monitor subsequent market behavior for confirmation.

Turning to SHIB’s chart analysis, the token is trading with volatility between support at the $0.00002271 level and resistance at $0.00002590. If SHIB maintains support, it could test the resilience of the current resistance. A bullish scenario would see a break above this, potentially setting sights on $0.00002774 as the next resistance milestone.

However, if the support fails to hold, we could witness a decline toward the lower support at $0.00002152. The intensity of recent transactions suggests that Shiba Inu could be on the verge of a volatility spike, which will hopefully lead to a price increase.

About the author

ADVERTISEMENT

Arman Shirinyan