A Shiba Inu whale recently dumped colossal amounts of SHIB tokens to Coinbase, one of the world’s leading CEXs. The massive amount of SHIB offloaded promptly ignited a bearish sentiment among crypto market enthusiasts globally, as SHIB price noted a pullback today, May 1. 

Crypto market participants continue to speculate over the dog-themed meme token’s price action ahead as the market braces for heightened volatility with the FOMC meeting in the pipeline. Let’s take a deeper dive into SHIB’s current on-chain movements.

Shiba Inu Whale Dumps 101 Bln SHIB Raising Concerns

According to an on-chain tracker named ‘The Data Nerd,’ whale 0x9f5 deposited a staggering 101 billion SHIB, worth $2.15 million, to Coinbase today, May 1. Notably, the whale accumulated these tokens a week ago with an investment worth $2.71 million.

However, the whale registered a loss of $560K, selling amidst the meme crypto’s downturn. This has sparked severe concerns among investors surrounding the token’s continued bearish movement in the market.

Intriguingly, usual market sentiments ride a bearish wave as the transaction conveys a loss of interest in the asset by the whale. Further, it birthed bearish sentiments among investors as the whale sold SHIB despite a considerable loss.

It’s worth noting that a post-BTC halving is yet to occur. Nonetheless, the whale dumped massive amounts of SHIB, flagging a potential continued bearish movement for the token.

Meanwhile, SHIB traded remarkably in the red today, aligning with a stockpile of bearish on-chain data and the whale dump mentioned above.

Also Read: Crypto Prices Dip On May 1, Why Bitcoin Price Risks Crashing To $45-49K?

SHIB Price Slips

As of writing, the Shiba Inu price has fallen 4.70% in the past 24 hours and is currently trading at $0.00002122. Coinglass revealed a 6.21% drop in the token’s open interest, whereas liquidations totaled $794.29 million. This primarily reflects SHIB’s slumping price action in the market.

Whereas, the FOMC meeting, further escorted by the abovementioned massive whale dump, has pushed the meme coin to take a bearish stage. Despite staggering amounts of tokens incinerated in April, Shiba Inu’s price trajectory waned over the past month, falling roughly 20%. This has curated a tidal wave of speculations on the token’s price action ahead, with a renowned crypto market analyst further adding to these speculations.

Ali Martinez, a renowned crypto market analyst, anticipated SHIB to scale the $0.00007 mark ahead, birthing contrasting sentiments across the global crypto community.

Also Read: Why Bitcoin Price Dropped Today? When Will It Recover?

The post Shiba Inu Coin: Whale Dumps 101B SHIB Amid Price Drop, What’s Next? appeared first on CoinGape.

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