2023-07-23 09:47:49
Watching the SHIB price stagnate in the $0.000008 region, Shiba Inu whales jumped into action.
The increase in the number of large transactions this week has provoked a lot of speculation around SHIB. We are looking into whether the whales can turn the tide and start a new price rally.
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An unknown whale displaced 2.416 trillion Shiba Inu
On July 19, the whale tracking account @WhaleAlert reported the movement of 2.416 trillion SHIB tokens. The sender address 0x34e is associated with the Binance US exchange. The recipient’s wallet 0x058 has not yet been identified.
Source: “Twitter”
Shiba Inu is currently priced at around $0.0000077. This means that the value of the transferred tokens is estimated at approximately $18 million. Such large transfers often lead to large price fluctuations.
However, since the recipient wallet address is not yet known, members of the Shiba Inu community have speculated that the transfer from Binance US might be related to the upcoming launch of Shibarium.
If these optimistic sentiments hold, the negative news background will ease over time and the bulls will push SHIB back to $0.0000085.
Investors withdraw SHIB from exchanges
The decrease in the number of coins available for trading on exchanges also confirms the possibility of a positive scenario. According to the data Cryptoquantfrom July 14 to July 21, the value of Shiba Inu’s total supply on leading crypto platforms decreased by 4% – from $1.4 billion to $1.32 billion.
Source: Cryptoquant
Strategic investors often interpret this as a bullish signal, indicating that holders are reluctant to sell tokens at the current price. It is noteworthy that the decrease in supply on the exchanges has already led to a slight increase in the price of SHIB this week.
If retail investors remain confident that the mysterious whale is not going to get rid of Shiba Inu, the ongoing memcoin price speculation might turn into a full-blown rally.
Shiba Inu Price Prediction: $0.00001 Target
Given the positive sentiment in the market and the reduced supply, $0.00001 seems like a realistic target. However, on the way to this mark, the bulls will face serious resistance: as you can see in the chart below, 407,000 addresses that purchased 288 trillion SHIB at a low price of $0.000008 might trigger a pullback.
Source: IntoTheBlock
If it falls below $0.000007, the bears will take control of the situation. The 65,440 wallets that bought 32.5 trillion Shiba Inu at this price would offer some support to the asset. But if it fails, memcoin quotes will once more sink to $0.000006.
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