In the past 24 hours, Shiba Inu has witnessed a significant movement of 1.5 trillion SHIB tokens, indicating a potential shift in momentum. These large-scale transactions coincide with a notable increase in market volume over the last 48 hours.
Transactions of varying magnitudes have occurred across major exchanges such as Binance, Coinbase, Kraken, Gate.io, and Robinhood. These transactions ranged from 42.6 billion SHIB to 397 billion SHIB, translating to millions of dollars.
Binance’s Substantial Movement
Binance’s hot wallet has been particularly active, with a transfer of 357.4798 billion SHIB worth $7.82 million. This movement suggests significant activity related to exchange operations or large trades.
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Coinbase’s hot wallet has also been involved in multiple transactions, receiving 808 billion SHIB worth $1.88 million. This indicates considerable accumulation, potentially by both retail investors and institutional players. Cumberland DRM executed several transfers, including sending 112 billion SHIB worth $2.67 million and receiving 105 billion SHIB worth $2.49 million.
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These movements hint at strategic positioning within the market. Robinhood processed a transfer of 208 billion SHIB worth $5.09 million, reflecting potential interest from retail traders or platform-driven activity.
Analysis of Price Movement
On the SHIB/USDT daily chart, the price is currently hovering around $0.00002398, consolidating within a descending triangle pattern. This pattern typically signals a bearish continuation, but recent tests of the upper level of the formation suggest potential for reversal.
SHIB/USDT Chart by CoinMarketCap
The price is squeezed between the 50 and 100 EMAs, indicating an impending surge in volatility. A break above the 50-day EMA at $0.000024 could trigger a bullish reversal, while failure to breach this level may result in further consolidation or a downturn.
While the substantial token movement is noteworthy, its immediate impact on price remains uncertain. However, the convergence of factors suggests that Shiba Inu may be poised for a significant shift in momentum. Investors and traders will closely monitor price movements for signs of a potential comeback.
