In the past 24 hours, Shiba Inu, the cryptocurrency world’s second favorite meme coin, has experienced a surge in activity with 1.5 trillion SHIB tokens changing hands. This spike in transactions coincides with a notable increase in market volume over the last 48 hours, suggesting Shiba Inu’s potential efforts to reverse its trend and move upwards.
Which Major Exchanges Were Involved?
Significant players in the market such as Binance, Coinbase, Kraken, Gate.io, and Robinhood facilitated these transactions. The volume of these SHIB transactions ranged from 42.6 billion SHIB to 397 billion SHIB. For instance, Binance’s hot wallet transferred a substantial 357.4798 billion SHIB, valued at $7.82 million, indicating large-scale trading activity.
Meanwhile, Coinbase’s hot wallet acquired 808 billion SHIB worth $1.88 million, hinting at possible accumulation by both individual and institutional investors. Additionally, Cumberland DRM sent and received substantial amounts, further contributing to this surge in activities.
What Does This Mean for Shiba Inu’s Price?
Despite these large transactions, they do not necessarily predict immediate price changes. Currently, Shiba Inu trades at approximately $0.00002364, consolidating within a descending triangle formation but recently touching higher levels. However, these movements do indicate potential volatility on the horizon.
Actionable Insights
– Watch for Shiba Inu breaking the 50-day EMA at $0.000024 as a bullish sign.
– Monitor major exchanges for large SHIB transactions as indicators of market sentiment.
– Pay attention to SHIB’s position between the 50 and 100 EMA for cues on potential price swings.
As SHIB attempts to surpass previous peaks, traders should remain vigilant for signals of a bull market that could push its price beyond current levels. While these massive transactions are noteworthy, they don’t guarantee immediate price changes, urging traders to watch market trends closely.