SHIB News: 211B Shiba Inu Dumped to Coinbase, Has SHIB Price Topped?
Release: 2024/05/04 14:04 Reading: 800
SHIB News: 211B Shiba Inu Dumped to Coinbase, Has SHIB Price Topped?
In an unprecedented turn of events, despite Shiba Inu's significant price recovery in the past 24 hours, an enormous amount of SHIB was transferred to Coinbase, a prominent crypto exchange. This has triggered a storm of bearish sentiments around one of the most renowned dog-themed meme tokens.
Shiba Inu Sell-Offs and Bearish Sentiments
Shiba Inu, the self-proclaimed Dogecoin killer, experienced a couple of massive sell-offs on May 4, as per on-chain data. According to The Data Nerd, 211 billion SHIB, worth $5.16 million, was dumped to Coinbase in the past 24 hours. These transactions were made from two wallets, '0x6a43..' and '0xef01'.
This has primarily birthed bearish sentiments among investors, as, despite SHIB's notable pump over the past day, the wallets appear to be pessimistic about the meme coin's price trajectory ahead. Notably, CoinGape media earlier spotlighted a pivotal resistance level at $0.00002315 for Shiba Inu. The coin's recent topping of this level may have propelled the wallets to offload such colossal amounts of SHIB, potentially due to profit-taking behaviors.
Shiba Inu Price Upturn Keeps Investors Optimistic
As of writing, the Shiba Inu token's price noted an upswing of 6.95% in the past 24 hours and is currently trading at $0.00002481. SHIB's market cap surged 6.98%, whereas its derivatives volume rocketed 7.55%. This primarily underlined the presence of some buying pressure in the market, whereas Coinglass illustrated a significant 12.66% in the token's open interest, reaching $64.54 million.
Speculation and Future Outlook
Coupled with the massive selloffs mentioned above, market data further shrouded the token into a speculative cloud. However, it's worth noting that recent developmental endeavors surrounding the meme coin fuel additional optimism on SHIB's cryptographic venture ahead. Shiba Inu recently released Bor and Heimdall hard fork, further jacking up block processing and transaction fees on Shibarium. Whale activity on the token, as reported by CoinGape Media earlier, further births sentiments of potential rising price actions for Shiba Inu ahead.
The abovementioned data, collectively, hints that SHIB still has the potential to offer investors gains in the long run, although short-term volatility can be expected. It's also worth noting that a post BTC-halving rally, where altcoins mimic BTC's parabolic uptrend, is yet to occur, further paving the road for phenomenal gains for Shiba Inu ahead.
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