Shiba Inu Faces Massive Sell Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

Source Bitcoinist

Shiba Inu, the second largest meme coin, has been undergoing a sideways price movement in the past 30 days, with an emphasised decline in the past seven days. On-chain data indicates this decline might continue in the short term as selling pressure continues to increase. Some of the major holders of Shiba Inu have lately moved trillions of SHIB in acts that may be indicative of an impending selloff, with 4.92 trillion SHIB being transferred onto the cryptocurrency exchange Coinbase.

On-chain Data Suggests Massive Sell Pressure For SHIB

Most large market-cap cryptocurrencies have witnessed price declines in the past 24 hours. Bitcoin, for instance, fell from above $70,000 and lost over 2% yesterday to extend its 7-day losses to over 5%.

This, in turn, led to a corresponding decrease in the price of major altcoins, with Ethereum also plunging by almost 5%. This sudden move in the cryptocurrency market was largely influenced by the recently released U.S. May month Jobs report by the Labor Department yesterday which revealed a rising unemployment rate in the U.S.

Shiba Inu wasn’t left out of these price declines, as price action shows the crypto’s price dropping as high as 10% yesterday. In a recent social media post by OnchainDataNerd, the large transaction monitor noted a deposit of 4.29 trillion SHIB tokens into Coinbase by 10 whale wallets. At the time of transfer, these tokens were worth around $97.33 million. The huge transfer to Coinbase means the whales now have a convenient way to offload their holdings, which could introduce new selling pressure to the market.

OnchainDataNerd also pointed out that the transaction pattern from these whale wallets might indicate that they are under the same entity’s control. The tokens were accumulated in two different periods in September 2021 and March 2024, with an average entry price of $0.00001309. With SHIB now trading well above $0.000022, a total selloff of the tokens would generate a $41.22 million profit for the whale(s).

Shiba Inu Price Needs Buyers To Rebound

At the time of writing, SHIB is trading at $0.00002217 and is down by 15.10% in the past seven days. The cryptocurrency has tested support at $0.00002117 two times in the past 24 hours and is at risk of a further decline in the midst of selling pressure. For the Shiba Inu price to rebound in the face of massive selling pressure, there needs to be enough buyers to absorb the excess supply.

On the other hand, a recent explosion in the Shiba Inu burn rate suggests the selling pressure could end very soon. This increase in the SHIB burn rate represents a 68,000% change in the past 24 hours. While the short-term price action may be negative, the long-term outlook still looks positive. According to an analyst, Shiba Inu is set to skyrocket to $0.00024, marking a 1,100% increase from the current price level.

Shiba Inu price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold is on track for 2% weekly lossGold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
Author  Cryptopolitan
13 hours ago
Gold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
placeholder
Bitcoin Profit Taking Explodes: 12x More Gains Than Losses Hitting ExchangesOn-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
Author  Bitcoinist
13 hours ago
On-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
placeholder
ADA and AVAX share bearish outlooks after the SEC delays ETFsCardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
Author  FXStreet
14 hours ago
Cardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
placeholder
Tariff Uncertainty Rises Again, Stocks SlideAsian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
Author  Insights
14 hours ago
Asian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
placeholder
Pound Sterling corrects against US Dollar after US court reinstates Trump tariffsThe Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
Author  FXStreet
14 hours ago
The Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
goTop
quote