As a researcher with extensive experience in the crypto market, I find the current market situation quite intriguing, particularly the sudden selling pressure on Shiba Inu (SHIB) caused by whale transactions. The data from Data Nerd revealing large SHIB wallets depositing a significant amount of tokens to Coinbase for sale is a clear indication of profit-taking at a time when investors are fleeing the market in anticipation of an upcoming U.S. inflation report.
The crypto market is undergoing a shift as investors are selling off their holdings in anticipation of the upcoming U.S. inflation report. As of now, Bitcoin, the leading digital currency, has decreased by 3.41% to reach $67,231, while Ethereum has dropped by 5% and is trading at $3,486.
The intensified demand to sell major altcoins indicates a potential extended decline in their prices. Notably, the memecoin market experienced significant losses, with Shiba Inu (SHIB) – the second largest memecoin by market capitalization – being significantly affected.
SHIB Price Drops as Whales Take Profits
This afternoon, Data Nerd’s figures indicated that five substantial Shiba Inu token wallets transferred a total of 4.29 trillion SHIB tokens (approximately equal to $97.33 million) to Coinbase within the past day. These investors amassed their SHIB collections in September 2021 and March 2024 when the average token price was $0.00001309 each.
Five hours ago, ten wallets transferred a total of 4.29 trillion Shiba Inu tokens, equivalent to around $97.33 million, to Coinbase. Notably, the funds in these ten wallets exhibit identical transaction histories:
— The Data Nerd (@OnchainDataNerd) June 11, 2024
At the present price of SHIB at $0.0000215, these investors are poised to realize a substantial profit of approximately $41.22 million. This significant selling activity intensified the downward trend for SHIB, causing it to plummet by nearly a quarter in just one day and reducing its market capitalization to around 12.6 billion dollars.
Can SHIB Regain Its Footing?
In spite of intense selling pressure, Shiba Inu (SHIB) remains above a crucial support level at $0.0000206. This level is significant as it aligns with the 61.8% Fibonacci retracement point. If buyers successfully defend this position, they may have the opportunity to retake control and potentially witness a 53% rebound, pushing the price up to $0.000045.
As an analyst, I would caution that a dip beneath $0.0000206 could trigger a significant wave of selling in the meme coin market. The current market mood is precarious, with investors on edge ahead of this week’s highly anticipated U.S. inflation data announcement.
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2024-06-12 09:08