In the past 24 hours, anonymous whales have moved an astounding half a trillion Shiba Inu tokens. What is the strategy, and are these whales related in any way to one another? Hopefully, transaction data will be useful in this situation.
Examining the specifics reveals that a select group of major participants are transferring SHIB between wallets and exchanges. As an example, 77.18 billion SHIB were moved to a Coinbase wallet, while an additional 205 billion went to and from other wallets, with a significant 53.06 billion SHIB going to Robinhood’s wallet. Do these transactions have a connection? Though it’s difficult to say, they appear well-coordinated.
Upon examining SHIB’s price performance, we can observe that it has experienced volatility. SHIB is now trading at around $0.000027. SHIB appears to be somewhat retreating following a significant upswing. Currently, the crucial support level is about $0.000019, a level that it has recently been able to maintain above. There’s cause for cautious optimism if it can stay at this level.
SHIB encounters resistance at or near the $0.000030 mark. Should it succeed in breaching that ceiling, we may observe a further growth phase that might pursue heights not observed since the previous peak.
Going forward, these anonymous whale actions might be the precursor to a price spike if SHIB is able to capitalise on its recent moves and the market resumes its optimistic attitude. SHIB may profit and even witness an uptick as the market appears to be about to rebound after declining for a few weeks.
