211B Shiba Inu Dropped on Coinbase, Did SHIB Price Rise?
Despite the notable price surge that shiba inu has witnessed recently, in an unprecedented event, a huge amount of SHIB has been poured into Coinbase, a leading crypto exchange. This triggered a bearish storm around one of the most famous dog-themed meme tokens.
Self-proclaimed dogecoin killer Shiba Inu experienced several major sell-offs on May 4, according to on-chain data, sparking concerns among investors about future price movements of SHIB. A closer look at the current on-chain data and price action of the token, which appears to be curated by a bearish fog surrounding Shiba Inu despite its bullish move.
Wallets Shifted 211 Billion Coins to Coinbase, Raising Bearish Sentiments
In particular, according to the data of on-chain analysis platform ‘The Data Nerd’, 211 billion SHIB was transferred to Coinbase in the last 24 hours. Two wallets using addresses ‘0x6a43..’ and ‘0xef01’ collectively shifted the aforementioned $5.16 million worth of SHIB.
Despite SHIB’s remarkable rise over the past day, wallets appear pessimistic about the meme coin’s future price trajectory. It is worth noting that parofix media previously noted an important resistance level for Shiba Inu at $0.00002315.
The cryptocurrency’s recent breach of this level may have caused wallets to empty massive amounts of SHIB due to potentially profit-taking behavior. Regardless, this history sparked a series of bearish sentiments about the Shiba Inu; Further speculation ensued as on-chain data and whale data underlined contrasting sentiments in the broader crypto market.
Also Read: 400 Million XRP just Opened From Escrow, Is XRP Price About To Rise?
Shiba Inu Price Rise Keeps Investors Optimistic
As of press time, the price of the Shiba Inu token has increased by 6.95% in the last 24 hours and is currently trading at $0.00002481. SHIB’s market value increased by 6.98%, while derivative volume increased by 7.55%. While this primarily underlines the presence of some buying pressure in the market, Coinglass saw a significant increase in the token’s open position by 12.66%, reaching $64.54 million.
Combined with the massive sell-off mentioned above, market data has further shrouded the token in a speculative cloud, but it is worth noting that recent developmental efforts surrounding the meme coin are fueling additional optimism about SHIB’s upcoming cryptographic initiative. Shiba Inu recently released the Bor and Heimdall hard fork, further increasing block processing and transaction fees on Shibarium. As previously reported by parofix Media, whale activity on the token further fuels sentiment for potentially increased price action for Shiba Inu going forward.
The data mentioned above collectively imply that SHIB has the potential to deliver returns to investors in the long run, although short-term fluctuations can be expected. It is also worth noting that the post-BTC halving rally, in which altcoins mimicked BTC’s parabolic uptrend, has not yet occurred, further paving the way for the Shiba Inu’s extraordinary gains.
Also Read: Grayscale Bitcoin ETF Ends 77-Day Outflows, GBTC Inflows Begin
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