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211B Shiba Inu Dumped to Coinbase, Has SHIB Price Topped?

Published

9 months ago

May 4, 2024

Coin2049 Newsletter

In an unprecedented turn of events, despite Shiba Inu’s significant price recovery in the past 24 hours, an enormous amount of SHIB was dumped onto Coinbase, a prominent crypto exchange. This has triggered a storm of bearish sentiments around one of the most renowned dog-themed meme tokens.

Shiba Inu, the self-proclaimed Dogecoin killer, experienced a couple of massive sell-offs today, May 4, as per on-chain data, leading to concerns among investors about SHIB’s future price movements. Here’s a closer look into the token’s current on-chain data and price action.

Wallets Shift 211 Bln Coins To Coinbase Fueling Bearish Sentiments

Notably, according to data by the on-chain tracker The Data Nerd, 211 billion SHIB was dumped to Coinbase in the past 24 hours. Two wallets, going by the addresses ‘0x6a43..’ and ‘0xef01,’ collectively shifted the abovementioned amount of SHIB, worth $5.16 million.

This has primarily birthed bearish sentiments among investors, as, despite SHIB’s notable pump over the past day, the wallets appear to be pessimistic about the meme coin’s price trajectory ahead. It’s worth noting that CoinGape media earlier spotlighted a pivotal resistance level at $0.00002315 for Shiba Inu.

The coin’s recent topping of this level may have propelled the wallets to offload such colossal amounts of SHIB, potentially due to profit-taking behaviors. Regardless, this chronicle has ignited a flurry of bearish sentiments on Shiba Inu, with further speculations building as on-chain data and whale data underscored contrasting sentiments within the broader crypto market.

Also Read: 400M XRP Just Unlocked From Escrow, Is XRP Price About To Skyrocket?

Shiba Inu Price Upturn Keeps Investors Optimistic

As of writing, the Shiba Inu token’s price noted an upswing of 6.95% in the past 24 hours and is currently trading at $0.00002481. SHIB’s market cap surged 6.98%, whereas its derivatives volume rocketed 7.55%. This primarily underlined the presence of some buying pressure in the market, whereas Coinglass illustrated a significant 12.66% in the token’s open interest, reaching $64.54 million.

Coupled with the massive selloffs mentioned above, market data further shrouded the token into a speculative cloud, although it’s worth noting that recent developmental endeavors surrounding the meme coin fuel additional optimism on SHIB’s cryptographic venture ahead. Shiba Inu recently released Bor and Heimdall hard fork, further jacking up block processing and transaction fees on Shibarium. Whereas, whale activity on the token, as reported by CoinGape Media earlier, further births sentiments of potential rising price actions for Shiba Inu ahead.

The abovementioned data, collectively, hints that SHIB still has the potential to offer investors gains in the long run, although short-term volatility can be expected. It’s also worth noting that a post BTC-halving rally, where altcoins mimic BTC’s parabolic uptrend, is yet to occur, further paving the road for phenomenal gains for Shiba Inu ahead.

Also Read: Grayscale Bitcoin ETF Ends 77-Days of Outflows, GBTC Inflows Begin