Amidst a slight retracement in the crypto market, Shiba Inu struggles to maintain the $0.00001 support. On-chain data reveals a substantial transfer of SHIB tokens from a whale address to a newly created one on December 25.
This transaction involved 4.2 trillion SHIB (approximately $45 million). It is one of the largest in recent times, surpassing transactions by a new whale and Tron founder, Justin Sun.
Shiba Inu: Are Holders Hopeful?
Despite concerns, the tokens remain in the receiving address, alleviating fears of a potential liquidation. Such a move could have negatively impacted SHIB’s price, especially given the global trading volume of only around $186 million in the past 24 hours.
The involved address, seemingly a newcomer, received the large SHIB amount less than 24 hours ago. The address initially carried out a test transaction of 15 billion SHIB (approximately $150,000). It then proceeded to execute the significant transfer within an hour.
While the crypto market experiences a mild retracement, SHIB holders remain steadfast as the token defends the $0.00001 mark for over a week. This sustained performance raises hopes for a potential uptrend in the token’s value.
SHIB Defends $0.00001 Amid Whale Transaction Concerns
In the face of recent whale transactions causing market panic and uncertainty, SHIB holders have exhibited remarkable resilience. Shiba Inu (SHIB) remains steadfast in leveraging its recent noteworthy performance.
As the broader cryptocurrency market experiences a mild retracement, SHIB holders remain unwavering in their commitment to the token, especially considering its resilience in maintaining the $0.00001 mark for an impressive eight consecutive days.
This sustained performance has ignited hopes and speculation among investors, pointing toward the potential emergence of an imminent uptrend for the SHIB token.
As the crypto community closely watches, the extended period above this crucial price level is growing confidence in SHIB’s market potential.