Whale Dumps 1 Tln Coins To Binance, Has Shiba Inu Topped?

Shiba Inu, the renowned dog-themed meme coin, has spawned a torrent of speculative buzz across the cryptocurrency landscape today, June 24. Amid the token’s price pullback over the past day, a whale offloaded a staggering 1 trillion SHIB to Binance, a globally leading crypto exchange. This transaction has reverberated bearish sentiments across the broader crypto market, with investors assuming a potential end for SHIB’s bull cycle. Per on-chain data, the meme coin’s holders also saw a notable decrease in recent days, further solidifying these bearish sentiments.

1 Tln Whale Dump Sparks Investor Concerns

According to insights offered by Whale Alert on X, 1.08 trillion SHIB, worth $18.36 million, was moved to Binance today. The unknown address, 0x42a08447, was noted making the SHIB whale transaction.

Usual market sentiments hinted at the transaction as a loss of investor interest in the asset, igniting bearishness on future price movements. However, the real cause for concern lies in the data by Etherscan, which shows a gradual drop in Shiba Inu holders since June 10, when the token traded at the $0.00002 price level. At press time, the total number of Shiba Inu holders totaled $1.396 million. Simultaneously, the SHIB token traded at the $0.00001 price level.

Although recent reports by CoinGape Media have highlighted massive SHIB accumulations amid the coin’s bearish turn, hinting at a buy-the-dip sentiment, the monthly chart, illustrating a crash, has pushed investors on a hot seat.

Also Read: Reasons Why Bitcoin Price Suddenly Dropped Below $61k

Shiba Inu Price Plummets

As of writing, the SHIB price chart showed a pullback, dipping 6.35% to $0.00001683. The meme coin’s 24-hour bottoms and tops were $0.00001658 and $0.00001801, respectively.

Shiba Inu’s monthly chart showcases a 32.33% crash, while the weekly movement shows a 15.18% decline in value.

Although the meme coin’s today’s plunge may be attributable to the broader market sentiment and the massive whale dump, it’s worth mentioning that colossal spikes in the SHIB burn rate have failed to bring about a bolstered price action.

Nonetheless, the broader crypto market continues to eye the token as a potential post-BTC halving rally ahead, further accompanied by the continued burning of SHIB, may bring about a pump ahead.

Additionally, SHIB’s RSI entered into the oversold territory, standing at 25, hinting that a potential price rebound may be in the pipeline.

Also Read: Bitcoin Price Might Drop To $60K; Here’s Why

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