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Shiba Inu saw a surge in network activity as an anonymous whale made a substantial transfer on an exchange, most likely for selling. A total of 100 billion SHIB tokens, as indicated by the chain of transactions from a wallet starting with 0x859, have been moved in what appears to be a selling spree by whales. However, those moves raise some questions, considering SHIB's bullish performance.
At first glance, such significant transactions can stir the market, potentially driving prices down due to the increased selling pressure. The SHIB price chart shows a tightening of price movement with a declining pattern, signaling that the market is trying to find stable ground.
SHIB has been trading within a narrowing range, suggesting a breakout could be imminent. Resistance levels can be seen at the recent highs around $0.000029. Meanwhile, support levels are currently holding near $0.000023. One of the key indicators to track while SHIB consolidates is the 50 EMA.
However, diving into the on-chain metrics of Shiba Inu gives us more insight. The data shows a considerable number of addresses "in the money," meaning holders who bought at lower prices staying in profit. Yet, a significant percentage remains "out of the money," suggesting that many holders may still be waiting for better prices.
Regarding the future of the asset, large transactions volume has shown a noticeable decrease, pointing to a dip in whale activity after the recent sales. If the sell-off does not trigger broader panic, the market may absorb the impact without a drastic price change. Investors and traders will closely monitor SHIB to see if the token can maintain its support levels or if it succumbs to further selling pressure.
Denys Serhiichuk
Mushumir Butt
