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On Aug. 10, the value of Shiba Inu (SHIB) transfers over $100,000 was about $18 million. By Aug. 13, it was close to $50 million, per IntoTheBlock. The surge happened quickly and without any major news announcements, and it happened when SHIB's price was pretty much flat.
For the most part, the token's price was between $0.0000126 and $0.0000141. The only real move came late on August 12, when the SHIB price dropped to $0.00001262 before bouncing back over $0.000014 in the early hours of the next day.
That rebound happened at the same time as the jump in large transactions, which suggests that the drop was met with heavy buying from bigger investors rather than panic selling.
High-value transfers like these usually mean one of two things: coins being sent to exchanges to be sold, or coins being moved into private custody. Shiba Inu coin's price did not budge, but there was a surge in whale activity.
So, the second scenario seems more probable. If those funds are off exchanges, it reduces the immediate supply that can be traded, which can help keep prices supported.
What's next for SHIB coin?
The next few sessions will show if this activity was just a one-time thing or if it is the start of something bigger. If we keep seeing large transactions each day over about $40 million and the price can go up to between $0.0000145 and $0.000015, we will break through a ceiling that has been stopping every rally this month.
That could lead to a move toward $0.0000158. If it falls below $0.000013 and there are weaker on-chain flows, it could mean a short burst of internal wallet reshuffling with no follow-through in demand.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team