Million

Shiba Inu

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
The Shiba Inu (SHIB) network is <a href="https://app.intotheblock.com/coin/SHIB" rel="noopener noreferrer nofollow">buzzing</a>, but not for the reasons you might think. A staggering $115 million worth of <a href="https://u.today/shiba-inu-shib-crucial-metric-goes-up-despite-price-plummeting" rel="noopener noreferrer nofollow">SHIB</a> has been shuffled around by whales, triggering a 5x surge in large transactions. But here's the kicker: the price is not following suit. 
As of the latest data, <a href="https://u.today/shiba-inus-shibarium-records-groundbreaking-transaction-milestone" rel="noopener noreferrer nofollow">SHIB</a> is trading at $0.00000723, a figure that has been on a downward trajectory. What is causing this disconnect between whale activity and price action? Let's dig in. 
<img alt="shib chart" data-entity-type="file" data-entity-uuid="4c9fe6af-29ab-44bd-9fb6-df7a9b374749" src="https://u.today/sites/default/files/inline-images/image_61.png">Source: IntpTheBlock 
First off, the volume. It has skyrocketed, tripling in a short span. Normally, you would expect price to follow volume, but not this time. The price continues to dip, creating a perplexing situation. Could it be that the whales are accumulating more SHIB at lower prices, betting on a future upswing? Or perhaps they are diversifying their portfolios, moving assets around without necessarily dumping them on the market. 
Whatever the case, this whale movement is a double-edged sword. On one hand, it shows that big players are still interested in SHIB, which could be a bullish sign. On the other hand, the price drop could shake the confidence of smaller investors, leading to further sell-offs. 
It is worth noting that the overall crypto market is in a volatile state, which could be influencing <a href="https://u.today/shiba-inu-shib-flashes-these-3-signs-to-prove-price-slump-is-transient" rel="noopener noreferrer nofollow">SHIB's</a> price. In a previous article, we discussed how Ethereum's price is also struggling, despite positive news. This could be a part of a larger market trend that SHIB is not immune to. 
Where does this leave us? Well, the increased whale activity could be a precursor to something bigger, or it could just be market noise. Either way, it is a situation worth keeping an eye on, especially if you are invested in SHIB or are considering it.

$115 Million Worth of Shiba Inu (SHIB) Transferred By Whales: Price Reaction

U_Today

Other articles published on Sep 12, 2023

CZ Binance Predicts DeFi’s Domination Over CeFi in Next Bull Run

BCH Price Analysis: Will Bitcoin Cash Cross $300 in 2023?

Chancer Platform Releases Product Teaser as Presale Rockets Past $1.7M

Terra Luna Classic v2.2.1 Core Upgrade Successfully Goes Live

Bitcoin price squeeze expected as major events come closer

Ripple or Shiba Inu: Which Is the Better Cryptocurrency Investment?

Join our free newsletter for daily crypto updates!