As an experienced analyst, I’ve seen my fair share of market volatility in the cryptocurrency space, and Shiba Inu’s recent price action is no exception. The current 3.6% weekly decline and trading at around $0.00001734 is certainly concerning for SHIB holders.
The past few days have brought considerable fluctuations to the value of Shiba Inu, as well as the broader cryptocurrency market.
I’ve analyzed the current market situation of the meme coin, and I can confirm that it has dropped 3.6% in value over the past week, now trading around $0.00001734. As CryptoPotato previously reported, this coin reached new lows following its latest decline. This unfortunate event has intensified the prevailing negative sentiment towards the asset. The closest support level for this coin can be found at $0.000014.
Is the SHIB Price in Danger of More Declines?
Tracking whales has always been a way to gauge perspective market movements.
As a researcher studying whale behavior in the cryptocurrency market, I’ve observed that these entities possess significant token holdings which can significantly influence market trends. Their actions extend beyond mere trade execution; their moves often provoke reactions from other traders based on speculation and anticipation.
According to the information from Spot on Chain, a single whale with the wallet address concluding in 0x42a has transferred an immense sum of Shiba Inu (SHIB) amounting to approximately 1.088 trillion tokens. This equates to roughly $18 million based on present market prices.
Based on data from the analytics company, a whale has been purchasing SHIB since the cryptocurrency market hit its lowest point in November and December 2023. The current value of this investment is estimated to be approximately $8 million, which marks a significant gain of 79% for the investor.
They deposited the funds to Binance.
What Does This Mean for Shiba Inu?
It’s impossible to determine whether or not the whale has decided to realize their profits or not.
Transferring cryptocurrency tokens from personal wallets to a trading platform is often a sign that the holder intends to sell.
As a researcher examining Shiba Inu (SHIB) on Binance, it’s essential to acknowledge that the current market depth, as reported by CoinMarketCap, implies that selling $1 million worth of SHIB tokens would only lead to a 2% price decrease.
Currently, SHIB is experiencing a 4.4% rise in value during the last 24 hours, partially recovering from recent setbacks.
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2024-06-25 14:40