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Mind-Blowing 800 Billion Shiba Inu (SHIB) on Move: What's Happening?

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Mon, 29/01/2024 - 14:00
Mind-Blowing 800 Billion Shiba Inu (SHIB) on Move: What's Happening?
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The Shiba Inu token, known for its volatility and meme-fueled rallies, is experiencing a significant movement of 1.2 trillion tokens. Such substantial transfers can suggest a variety of strategic moves by holders, including possible redistribution, sales or wallet restructuring.

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It appears that significant amounts of SHIB are being transferred to and from different wallets, including notable exchanges like Coinbase. This kind of activity typically indicates liquidity movement, possibly for reasons such as consolidation of assets, sales or preparation for exchange trading.

https://www.tradingview.com/
SHIB/USDT Chart by TradingView

The two largest transactions, 221 billion SHIB and 204 billion SHIB, moved from one wallet to another. The destinations are identical, suggesting a single entity is involved. The timestamps show these transfers happened within an hour of each other, which could imply strategic timing. Additionally, there is an inflow of 307 billion SHIB to a Coinbase wallet, which might become fuel for substantial selling in the foreseeable future.

Price analysis of Shiba Inu

On the market, SHIB has been showing signs of struggle at certain resistance levels. The asset recently faced a tough resistance level around the 0.00000950 mark, which it failed to surpass, indicating strong selling pressure at that price point. On the support side, SHIB has been trying to maintain its ground above the 0.00000899 level which, if broken, could lead to further downward movement toward lower support levels.

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Looking ahead, for SHIB to start bullish movement, it would likely require a cryptocurrency market to enter a growth stage in the foreseeable future. Scenarios that could lead to growth are the wider adoption of SHIB on various DeFi platforms and usage as a lending or borrowing asset.

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