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$115 Million Worth of Shiba Inu (SHIB) Transferred By Whales: Price Reaction

Tue, 09/12/2023 - 12:16
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Arman Shirinyan
Whales becoming more and more active as Shiba Inu's volatility on rise
$115 Million Worth of Shiba Inu (SHIB) Transferred By Whales: Price Reaction
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The Shiba Inu (SHIB) network is buzzing, but not for the reasons you might think. A staggering $115 million worth of SHIB has been shuffled around by whales, triggering a 5x surge in large transactions. But here's the kicker: the price is not following suit.

As of the latest data, SHIB is trading at $0.00000723, a figure that has been on a downward trajectory. What is causing this disconnect between whale activity and price action? Let's dig in.

shib chart
Source: IntpTheBlock

First off, the volume. It has skyrocketed, tripling in a short span. Normally, you would expect price to follow volume, but not this time. The price continues to dip, creating a perplexing situation. Could it be that the whales are accumulating more SHIB at lower prices, betting on a future upswing? Or perhaps they are diversifying their portfolios, moving assets around without necessarily dumping them on the market.

Whatever the case, this whale movement is a double-edged sword. On one hand, it shows that big players are still interested in SHIB, which could be a bullish sign. On the other hand, the price drop could shake the confidence of smaller investors, leading to further sell-offs.

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It is worth noting that the overall crypto market is in a volatile state, which could be influencing SHIB's price. In a previous article, we discussed how Ethereum's price is also struggling, despite positive news. This could be a part of a larger market trend that SHIB is not immune to.

Where does this leave us? Well, the increased whale activity could be a precursor to something bigger, or it could just be market noise. Either way, it is a situation worth keeping an eye on, especially if you are invested in SHIB or are considering it.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.