In a thrilling turn of events, following a remarkable week witnessed by Shiba Inu as its price soared nearly 200% in the past seven days, on-chain data unveiled by the blockchain tracker Whale Alert appears to be gaining noteworthy traction as it showcased the transfer of a whopping 1.9 trillion SHIB in the past 24 hours. Shiba Inu, an Ethereum-based meme coin, noted three massive transfers between wallets and CEXs, piquing the interest of crypto market traders and investors within the broader crypto market today.

Meanwhile, the token traded in the red as of press time, birthing speculations over the massive transfers’ potential impact on SHIB’s market dynamics and its potential run to the optimistic level of $0.0001. Derivatives data further hinted at a bearish sentiment prevailing within the market, with a reduced sense of readiness among traders to invest in long positions persisting.

A Closer Look Into the Colossal SHIB Transfers

According to the data revealed by Whale Alert, the three massive transactions showcasing the transfer of 1.8 trillion SHIB took place yesterday, March 5. Among these transactions, two showcased colossal amounts of SHIB shifted from Wintermute to Binance, both centralized exchanges. Whereas, the third transaction marked the shifting of 1.45 trillion SHIB between two unknown wallets, garnering further attention.

The transfer to Binance collectively totaled 350.87 billion SHIB, whereas the unknown wallet 0xeaee94df…f307b3d6ec was noted to be making the aforestated transfer to another unknown address, 0xff008f2d…471344bf99.

The transfer between wallets signaled a boosted sense of confidence among whales for SHIB, however its price action contrasted with this sentiment.

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Shiba Inu Price Drops

As of writing, the Shiba Inu price dropped 13.05% over the past 24 hours and is currently trading at $0.00003542. Notably, a 12.89% plunge in market cap, accompanied by an 8.50% dip in the token’s trading volume, birthed additional bearish sentiments for SHIB among crypto market enthusiasts.A 3.37% rise in the open interest and a 5.88% jump in the volume added on to this bearishness, hinting at new money entering the market with aggressive new short-selling.

Even with today’s nearly 50% surge in the SHIB burn rate, the meme coin continued its bearish movement across the broader crypto market. However, with the recent developments unveiled in The Shib magazine’s latest edition weighing in, a slight wave of optimism for the meme coin prevails at present. As seen in SHIB’s previous chronicles, such as the launch of SHEboshi, SHIB rallied following the community’s advancements. Mirroring this, crypto market experts expect somewhat bolstered prices ahead, although the current sentiment seems bearish for SHIB.

Analysis by Coingape Media suggested that SHIB stands at a vital point, setting sights on the resistance level of $0.000045. A break above this threshold could potentially pave the road to notable upswings, reaching targets of $0.00009 or the highly optimistic $0.0001 level. However, a fall beneath $0.000040 could lead to a plunge toward the $0.000030 support zone.

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The post Shiba Inu: SHIB’s 2 Tln Move Sparks Speculations, Price To Reach $0.0001? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am