Shiba Inu (SHIB) whales look to be at it again following large transactions involving the meme token in the last 24 hours. As expected, these transactions have raised concerns that crypto investors might be looking to offload their tokens on the market.
Shiba Inu Whales Move Billions Of SHIB
On-chain data shows that Shiba Inu whales moved billions of SHIB in different transactions. In one transaction, 77.2 billion SHIB tokens were moved to a Coinbase wallet. Meanwhile, over 205 billion SHIB tokens were moved across different wallets, some of which were transferred to a Robinhood wallet.
The transfer of some of these tokens to crypto trading platforms, Coinbase and Robinhood, has raised suspicions that these Shiba Inu whales might be planning to sell off their holdings to make some profits. If so, it could massively impact the meme coin’s price due to the magnitude of such transactions.
The SHIB community has seen several smart traders, including MakerDAO founder Rune Christensen, take profits over the past few weeks. This also contributed to the concern that these recent transactions might involve more whales who want to secure their profits.
However, while the possibility of a sell-off exists, this could be just investors using the recent price dip as an opportunity to accumulate more of the meme coin. SHIB experienced a significant price surge, which saw it climb to become the tenth-largest crypto token by market cap. However, it has dropped out of the top 10 after its recent price decline.
The theory of SHIB accumulation looks plausible considering that more upward trend is expected for the crypto token. Therefore, investors will still be looking to position themselves ahead of this bull run, which could see the meme coin break its all-time high (ATH).
Shiba Inu Still Has Bullish Momentum
SHIB may be ready for another upward movement if the wave of profit-taking by investors is now over. Crypto analyst Xanrox suggested that the meme coin could hit a new ATH by July, which means more parabolic price moves are to be expected if this price prediction is to be realized by then.
SHIB’s fundamentals also suggest that it is only a matter of time before the upward trend continues. The Shiba Inu team continues to develop innovations that can help propel SHIB’s price. Meanwhile, although Shibarium’s daily transactions continue to decline, they are likely to pick up at some point, with a massive increase in SHIB burns expected once that happens.
At the time of writing, SHIB is trading at $0.00002771, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
SHIB price at $0.000027 | Source: SHIBUSDT on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com