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29 May 2024
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Shiba Inu’s Price Tanks 4% Amid 100B SHIB Moved To Coinbase, What’s Next?

Against the backdrop of a price correction experienced by Shiba Inu over the past week, the meme coin continued a downside momentum today, May 13, piquing significant investor attention. Amid this slumping price action, a whale was noted to be moving a whopping 100 billion SHIB to Coinbase, one of the globally leading CEXs.

This phenomenon has incited a whirlpool of speculations on the dog-themed meme coin’s future price movements. Besides, despite the Shiba crypto community’s recent token-burning chronicles and upgrades for the SHIB ecosystem, the meme coin’s continued sinking price trajectory has fueled bearish thoughts among investors.

100 Bln SHIB Moved To Coinbase: What’s The Scoop?

According to data from the on-chain tracker ‘The Data Nerd,’ the whale address 0x462 made a deposit of 100 billion SHIB to Coinbase today. It’s important to note that this doesn’t necessarily indicate a sell transaction. However, given the current plunge in SHIB’s price, speculations about the implications of this transfer persist.

Meanwhile, data further illustrates that these tokens were accumulated at an average entry price of $0.00002408. If sold now, the whale will reportedly suffer a loss of $178K.

Upon further investigation, it was found that this address had no other token holdings in his wallet. Whereas a couple of its past transactions revolved around SHIB.

Coming in tandem with Shiba Inu’s slumping movement, this crypto transfer to the Coinbase exchange wallet has ignited speculation over a continued price dip as the whale might sell the tokens moved to Coinbase, flagging loss of confidence in SHIB’s potential to offer future gains.

Also Read: XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?

Shiba Inu Price Sinks, More Pain Ahead?

Whereas, while writing, SHIB’s price cracked 3.84% in the past 24 hours and is currently trading at $0.00002173. The meme coin’s market cap fell 3.76% to $12.81 million, whereas the 24-hour trading volume rose 23.14% to $222.01 million.

Coinglass data pointed out a 1.68% decrease in SHIB’s open interest, reaching $57.99 million, followed by a derivatives volume upswing of 46.46% to $84.39 million.

Illustrating heightened trading activity with reduced investor interest in the asset, the abovementioned data underscores Shiba Inu’s current market volatility. In the interim, the RSI rested at 38, flagging some selling pressure on the token.

With technicals also showing a selling sentiment for the asset, further dips in the short term might be expected. However, gazing in on long-term prospects, a post-BTC halving could bring about a price rally in Shiba Inu, further coupled with bullish aspects such as continued token burns and ecosystem developments.

Also Read: Crypto Prices Today May 13: Bitcoin At $60K, Ethereum Plunges Amid Bear Market

The post Shiba Inu’s Price Tanks 4% Amid 100B SHIB Moved To Coinbase, What’s Next? appeared first on CoinGape.

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