Shiba

Shiba Inu

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
A massive amount of <a href="https://u.today/ethereums-eth-4000-is-new-goal-shiba-inu-shib-to-explode-in-symmetrical-triangle-cardano-ada-on" rel="noopener noreferrer nofollow">Shiba Inu</a> tokens has been on the move. In the last 24 hours, 765 billion SHIB tokens were found being transferred between large entities on the <a href="https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce" rel="noopener noreferrer nofollow">market</a>.
Most of these SHIB tokens are being sent to trading platforms like Coinbase, which often means that the holders might be getting ready to sell. If lots of tokens are being moved to be sold, <a href="https://u.today/shiba-inu-shib-skyrockets-into-top-ranks-with-new-major-index-inclusion" rel="noopener noreferrer nofollow">SHIB's</a> price might face a substantial surge of pressure, which is the last thing the token needs right now.
Looking at the detailed transaction history, we can see huge amounts — ranging from about 45 billion to over 123 billion SHIB — landing in the hands of major trading apps and platforms.&nbsp;&nbsp; <img alt="SHIBUSDT chart" src="https://u.today/sites/default/files/inline-images/image_675.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SHIB/USDT Chart by TradingView</a>
From a technical perspective, there is a distinguishable triangle pattern forming. This means the price has been bouncing between higher lows and lower highs, coming to a point where it has to break out. Think of it like a coiled spring that is ready to jump out in either direction.
The chart shows two important price levels to keep an eye on: one where the price struggles, with resistance at around $0.000029, and another where it does not seem to fall below, near $0.000019. Right now, <a href="https://u.today/shiba-inu-shib-whales-disappear-enormous-plunge" rel="noopener noreferrer nofollow">SHIB</a> is trading above the key moving averages, which may be a positive sign for those holding the token.
For now, if the trend shows more signs of selling, the price could head toward the lower support level. On the flip side, if SHIB breaks out above the triangle pattern, we might see the price rise and test new highs.
As the activity of whales and large traders surges, we might see Shiba Inu's volatility increase on par with it. The market could be on the verge of a prolonged recovery, and the surge in Shiba Inu transactions might be a precursor to a bullish reversal for the token.

765 Billion Shiba Inu (SHIB) Tokens in 24 Hours: What's Happening?

U.Today

Other articles published on Apr 11, 2024

Join our free newsletter for daily crypto updates!