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While the rest of the cryptocurrency market experienced tremendous volatility over the past few days, Shiba Inu experienced the same.
The meme currency is currently selling at about $0.00001734, a decrease of 3.6% over the course of the week. Following the most recent fall, SHIB reached new lows, as CryptoPotato reported previously. This has validated the continued pessimistic mood, and the highest level of support that is currently available is $0.000014.
Possibility of Further Decreases in the Price of SHIB?
For as long as anybody can remember, whale tracking has been a method for predicting future market movements.
It is common for whale addresses to influence the market not just by actually performing trades but also by transferring tokens when traders respond in anticipation. Whale addresses are designed to keep a significant number of tokens.
According to Spot on Chain, a single whale with an address ending in 0x42a has deposited an astounding 1.088 trillion worth of SHIB transactions. At the current market price, that is almost $18 million.
According to the analytics firm, the whale had been amassing SHIB ever since the market reached its lowest point in November and December of 2023, and it is currently sitting on an anticipated profit of almost $8 million with this accumulation. As a result, the investor will see a 79% increase in compensation.
They transferred the monies to Binance at that time.
What does this imply about Shiba Inus's behavior?
The whale has made the decision to realize their profits, but it is impossible to know whether or not they have made this decision.
On the other hand, a transaction in which tokens are moved from storage that is located off-exchange to a trading platform is typically indicative of the desire to sell.
However, it is also important to note that the current market depth of SHIB, as determined by CoinMarketCap, would necessitate the sale of tokens worth one million dollars to bring the price of SHIB down by two percent on Binance.
In the last twenty-four hours, the price of SHIB has increased by 4.4%, recouping some of the losses that have been seen over the course of the previous several days.
Photo: Microsoft Bing
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