The Shiba Inu (SHIB) token has experienced a significant increase in large transaction activity over the past 24 hours. This surge coincides with a broader market volume increase observed in the past two days. These developments suggest that SHIB might be poised for a price reversal, although future price movements remain uncertain.
Large Transaction Activity Involving Major Exchanges
On-chain data reveals that over 1.5 trillion SHIB tokens have moved in large transactions in 24 hours. These high-volume transfers, often attributed to “whales” or major investors, involved prominent cryptocurrency exchanges like Binance, Coinbase, Kraken, Gate.io, and Robinhood. The individual transaction sizes ranged from 42.6 billion SHIB to 397 billion SHIB, representing millions of dollars in value.
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Examining Key Movements
A closer look at some notable transactions sheds light on potential activity within the SHIB ecosystem. A significant transfer of 357.4798 billion SHIB, valued at roughly $7.82 million, originated from a Binance hot wallet. This movement likely reflects internal exchange operations or large-scale trades.
Coinbase, on the other hand, appears to be on the receiving end of SHIB accumulation. Multiple transactions involving Coinbase hot wallets saw a total of 808 billion SHIB tokens, valued at approximately $1.88 million, move into their custody. This activity suggests potential accumulation by retail investors or institutional players using the Coinbase platform.
Large transactions involving major cryptocurrency exchanges like Binance, Coinbase, Kraken, Gate.io, and Robinhood have been observed in the SHIB ecosystem over the past 24 hours. These high-volume transfers and the recent increase in SHIB’s price testing the upper trendline of a descending triangle, suggest potential volatility soon.
While the motivations behind these transfers remain unclear and large transaction volume alone doesn’t guarantee price movements, further analysis is needed to understand if SHIB is poised for a bullish reversal or continued consolidation.
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Read Also: Over 226 Million XRP Moved In and Out of Exchanges Within 24 Hours: Details
SHIB Price Poised for Volatility?
The current price of SHIB hovers around $0.00002318, according to CoinMarketCap. The technical analysis of Shiba Inu (SHIB) is mixed. While the current descending triangle pattern typically indicates a price decline, a recent test of the upper trendline hints at a possible reversal.
Additionally, the price being squeezed between two key averages suggests an imminent period of volatility. A breakout above the 50-day EMA could signal a price upswing, whereas failing to do so might lead to continued sideways movement or even a price drop.
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