Shiba

Shiba Inu

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A Shiba Inu whale reportedly sent $18.12 million of SHIB tokens to the crypto exchange Binance. The transfer may have a domino effect on other meme coins on Ethereum, leading to a cooldown of the ongoing rally. 
Also read: <a class="editor-rtfLink" href="https://www.cryptopolitan.com/shiba-inu-coin-price-prediction-2024-2030/" target="_blank" rel="noopener">Shiba Inu coin price prediction 2024-2030: Is SHIB skyrocketing soon?</a> 
Spot On Chain noted in a post on X that whales ‘hodling’ SHIB and PEPE tokens cumulatively deposited almost $26 million on the exchange. 
<h2 id="shiba-inu-could-reflect-on-the-meme-coin-market">Shiba Inu could reflect on the meme coin market</h2> 
According to Spot On Chain analysis, the whale has been accumulating the SHIB token since Q4 2023. Since the accumulation dates back to a market bottom, a potential sale could translate to a profit of $8 million at a return of almost 80%. The transaction can be tracked down to whale address 0x42a. It deposited 1.088 trillion SHIB tokens to Binance in the said transaction. 
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However, the broader weakness in the crypto market, with Bitcoin hovering near the $60,000 range, could be partially responsible for the movement. It could lead to further speculation that the recent rally of Ethereum-based meme coins could be coming to an end. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Two big whales deposited $25.95M worth of <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SHIB</a> and <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$PEPE</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Binance</a> in the past 14 hours. Did whales become bearish with <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Ethereum</a> <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#memecoins</a>? 
 1. Whale 0x42a deposited all 1.088T <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SHIB</a> ($18.12M) ~14 hours ago. 
 • Accumulation period: Nov and Dec 2023 (the market bottom). •… <a href="https://t.co/fspHueZ7Mi" rel="nofollow" target="_blank">pic.twitter.com/fspHueZ7Mi</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1805415598916354535?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The selling pressure did not immediately cause price disruption for the meme coin. According to CoinGecko, SHIB is around the trading level of $0.0000172 at press time. This price point is almost a 1% increment on the daily charts. The numbers are better on the monthly charts with 30% gains. 
Despite the sell-off and broader market weakness, SHIB continues to hold the 13th spot based on market capitalization on the platform. 
In terms of regional impact, India could be a major market that is being impacted by SHIB price movements. According to the Wazirx Proof Of Reserve report <a class="editor-rtfLink" href="https://x.com/simplykashif/status/1801165161526390791/photo/1" target="_blank" rel="noopener nofollow">from June</a> 2024, Indian holders have a quantity of 5.44 trillion SHIB tokens on the exchange against the Bitcoin holdings of around 1,230. SHIB makes up approximately 25% of all holdings while BTC stands at 17.6%. 
<h2 id="half-of-all-investors-in-profit">Half of all investors in profit</h2> 
52% of all SHIB holders are sitting on a profit at the current price, as per IntoTheBlock analysis. 2% are breaking even with 48% having lost part of their capital. However, whale movements become very crucial for price prediction as the SHIB market is seemingly concentrated. The platform finds that 73% of the SHIB supply is held by large holders, making price volatility based on token movement very easy. 
<figure id="attachment_546719" aria-describedby="caption-attachment-546719" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-546719 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu.png" alt="Returns for SHIB investors | Source: IntoTheBlock " width="1560" height="507" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu.png 1560w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu-300x98.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu-1200x390.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu-768x250.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/shiba-inu-1536x499.png 1536w" sizes="(max-width: 1560px) 100vw, 1560px">
 <figcaption id="caption-attachment-546719" class="wp-caption-text">
 Returns for SHIB investors | Source: IntoTheBlock
 </figcaption>
</figure> 
For now, long-term holder sentiment doesn’t suggest impending weakness. 76% of SHIB holders have been holding their tokens for over a year, while 21% fall in the category of investors holding it for at least 1-12 months. 
While SHIB’s price performance continues to show resilience, the broader market movement indicates a potential end to the meme coin rally.&nbsp; 
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Cryptopolitan reporting by Shraddha Sharma

Shiba Inu whale unloads $18M on Binance; Is the meme coin rally over?

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