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A Shiba Inu whale recently dumped massive SHIB tokens on Coinbase, one of the world's top cryptocurrency exchanges. The enormous volume of SHIB offloaded quickly sparked a gloomy feeling among crypto market aficionados worldwide, as SHIB's price fell today, May 1.
Crypto market traders continue to speculate on the price activity of the dog-themed meme cryptocurrency as the market braces for further volatility due to the next FOMC meeting. Let's look more at SHIB's current on-chain moves.
Impact of Whale Activity on Shiba Inu Market
According to the on-chain tracker "The Data Nerd," whale 0x9f5 transferred an astounding 101 billion SHIB, worth $2.15 million, to Coinbase on May 1. The whale acquired these tokens a week earlier for $2.71 million, as per Coingape.
However, the whale lost $560,000 by selling during the recent crypto drop. This has raised serious concerns among investors about the token's continuous downward trend in the market.
Intriguingly, conventional market sentiments ride a bearish wave as the transaction signals the whale's loss of interest in the item. Furthermore, it sparked gloomy sentiment among investors as the whale sold SHIB at a significant loss.
It's worth remembering that a post-BTC halving has yet to happen. Nonetheless, the whale dumped enormous amounts of SHIB, indicating that the token may continue to fall in price.
Meanwhile, SHIB traded sharply down today, in line with a stockpile of adverse on-chain evidence and the aforementioned whale dump.
Impact of Whale Activity on Shiba Inu Market
As of this writing, the Shiba Inu price has declined 2.86% in the last 24 hours, trading at $0.00002168. Coinglass reported a 6.21% reduction in token open interest, while liquidations reached $794.29 million. This mostly represents SHIB's market price decline.
Concurrently, SHIB's market capitalization decreased by 2.26% to $12,807,649,994. However, an increase in 24-hour trading volume of 8.17% to $749,452,444 suggests that traders are taking advantage of the sell-off to purchase the dip.
The FOMC meeting and the aforementioned large whale dump have driven the meme coin into a bearish state. Despite the enormous number of tokens burned in April, Shiba Inu's price has dropped nearly 20% over the last month.
This has sparked speculation about the token's future price action, with a well-known crypto market analyst adding to the guesswork.
Ali Martinez, a well-known crypto market analyst, predicted that SHIB would reach $0.00007 in the near future, eliciting mixed reactions from the worldwide crypto community.
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