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
U.S. August CPI Preview: Persistent Rise in Inflation, What Impact on Rate Cuts? And on US Stocks?On Thursday, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI.
Author  TradingKey
Sep 09, Tue
On Thursday, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI.
placeholder
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI releaseThe Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Author  FXStreet
14 hours ago
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
placeholder
US CPI data set to point to sticky inflation as tariff pressures persistThe United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for August on Thursday at 12:30 GMT.
Author  FXStreet
12 hours ago
The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for August on Thursday at 12:30 GMT.
placeholder
Forex Today: ECB rate decision, US inflation data to drive market actionMajor currency pairs trade in narrow ranges early Thursday as investors move to the sidelines ahead of key events.
Author  FXStreet
8 hours ago
Major currency pairs trade in narrow ranges early Thursday as investors move to the sidelines ahead of key events.
placeholder
Charlie Kirk’s Death Becomes a Crypto Flashpoint With ‘Justice’ TokensThe launch of new tokens following headline-making events is not new in the crypto market.
Author  Beincrypto
6 hours ago
The launch of new tokens following headline-making events is not new in the crypto market.
goTop
quote