Over the past 24 hours, Shiba Inu has witnessed a staggering 1.5 trillion SHIB tokens move in significant transactions. These whale-tier deals take place in the midst of the significant volume spike that the market has experienced over the past 48 hours. Shiba Inus may at last try to go into reverse mode.
Prominent participants in these exchanges include Binance, Coinbase, Kraken, Gate.io, and Robinhood, among other exchanges. The SHIB transaction volume, expressed in millions of USD, varied from 42.6 billion to 397 billion SHIB.
Key movements
357.4798 billion SHIB, or $7.82 million, were transmitted by Binance Hot Wallet, suggesting significant activity that was probably caused by exchange activities or big deals.
Throughout the course of many transactions, Coinbase Hot Wallet received 808 billion SHIB, or $1.88 million. This points to a large accumulation, maybe by institutional or ordinary investors.
Several transactions were carried out by Cumberland DRM, including the sending of 112 billion SHIB valued at $2.67 million and the receipt of 105 billion SHIB valued at $2.49 million.
A $5.09 million transfer of 208 billion SHIB was executed by Robinhood, most likely as a result of platform-driven movements or retail interest.
Even while these significant changes are remarkable, they do not always imply sudden price increases or decreases.
Shiba Inu’s price
According to the SHIB/USDT daily chart, SHIB is presently trading at around $0.00002398. A descending triangle pattern, which is usually seen as a bearish continuation pattern, is the price’s consolidation pattern. SHIB has lately challenged the formation’s higher level, nevertheless.
The price is being compressed between the 50 and 100 EMAs, suggesting that there may be an impending spike in volatility. If the 50-day EMA at $0.000024 is broken, it may indicate a positive reversal; if it is not broken, there may be more consolidation or a decrease.
