A dormant crypto whale was spotted making an unconventional transaction late last night. Numerous large crypto whale activity tracking agencies have detected that a crypto whale who has been sleeping for over three years has woken up to deposit $1.2 million worth of Shiba Inu coins to Binance, the globe’s leading cryptocurrency exchange by daily trading volume.
At the current Shiba Inu (SHIB) price range, this major crypto player made a realized profit of $311K, but the holdings peaked at nearly $3 million during both meme coin rallies in 2024.
Sponsored
Depositing Shiba Inu coins into Binance to sell, this ancient crypto whale somewhat contributed to the 3% SHIB price drop over the past 24 hours as SHIB attempts to hold above a critical support range, IntoTheBlock’s data suggests.
Are Other Shiba Inu Crypto Whales Selling As Well?
Presently switching hands at $0.00001258, two confluent resistance bubbles loom on the way up for the iconic Japanese guard dog-embossed crypto. In order to conquer above $0.000014, subsequently large trading volumes would have to fall in line with resurfacing crypto whale confidence in the dog-styled meme token.
Digging into the real-time large crypto player sentiment, DailyCoin found out that other Shiba Inu coin whales had mixed opinions on the short-term direction of SHIB’s price. Most notably, the Chaikin Money Flow (CMF) meter stood at -0.01, turning the scales slightly towards the bearish side. Other crypto analysis tools, such as the Stochastic Relative Strength Index (StochRSI), also delivered conflicting results.
Hovering between 45 & 69, this confirms market indecision, but the good part is that Shiba Inu (SHIB) bounced off the lowest-tier Bollinger Band (BOLL), hinting at the bottom of Friday’s decline. Right now, Shiba Inu coin’s price is quickly approaching the mid-tier Bollinger Band (BOLL), while a daily close above this range would put SHIB bulls back at the steering wheel.
On The Flipside
- Certainly, SHIB’s crypto price performance is highly prone to the overall market sentiment, which turned from greed to mild fear after the Trump vs. Musk feud.
- The canine meme coin’s market dynamics heavily rely on Shiba Inu burns, but the daily burn rate has slumped by over 60% since yesterday amid low activity.
Why This Matters
Shifting billions of tokens in one go can have a direct impact on the underlying asset’s price. Alternatively, whale moves of such magnitude correspond to an upcoming trend.
Discover DailyCoin’s popular crypto news:
Can XRP Price Withstand The ‘Kill Bill’ Selling Pressure?
Switzerland Approves Crypto Tax Data Sharing