211B Shiba Inu Dumped to Coinbase, Has SHIB Price Topped?

Despite the significant recovery in the price of Shiba Inu in the past 24 hours, an unprecedented situation occurred and a huge amount of SHIB was released on Coinbase, a prominent cryptocurrency exchange. This sparked a storm of bearish sentiment regarding his one of the most famous dog-themed meme tokens.

According to on-chain data, Shiba Inu, the self-proclaimed Dogecoin killer, experienced several major declines today, May 4th, raising concerns among investors about SHIB’s future price fluctuations. Here we take a closer look at the token’s current on-chain data and price trends.

Wallet moves 211 billion coins to Coinbase, fueling bearish sentiment

Notably, 211 billion SHIB was released to Coinbase in the past 24 hours, according to data from on-chain tracker The Data Nerd. The two wallets with addresses “0x6a43..” and “0xef01” moved the above amount of SHIB, amounting to a total of $5.16 million.

This has primarily created bearish sentiment among investors, and despite SHIB’s notable rise over the past day, wallets appear to be pessimistic about the meme coin’s price trajectory going forward. It is worth noting that CoinGape media previously highlighted Shiba Inu’s pivotal resistance level of $0.00002315.

The coin’s recent breakout of this level may have prompted wallets to offload such large amounts of SHIB, potentially due to profit-taking behavior. Either way, this chronology has sparked a surge of bearish sentiment towards Shiba Inu, fueling further speculation as on-chain and whale data highlight contrasting sentiments in the broader crypto market.

Also read: 400 million XRP just unlocked from escrow, is XRP price about to skyrocket?

Investors are optimistic as Shiba Inu prices rise

At the time of writing, the price of Shiba Inu token has increased by 6.95% in the past 24 hours and is currently trading at $0.00002481. SHIB’s market capitalization increased by 6.98% and derivatives trading volume soared by 7.55%. While this primarily underlined that there is some buying pressure in the market, Coinglass saw a significant 12.66% increase in open interest in the token, reaching $64.54 million.

Coupled with the aforementioned massive decline, market data shrouded the token in an even more speculative cloud, but recent development efforts surrounding meme coins fuel further optimism for SHIB’s crypto business going forward. What you’re doing is noteworthy. Recently, Shiba Inu released hard forks of Bor and Heimdall, further increasing block processing and transaction fees on Shibarium. Meanwhile, as previously reported by CoinGape Media, this token whale activity further creates sentiment regarding the potential for Shiba Inu price appreciation in the future.

Taken together, the above data suggests that while short-term volatility is to be expected, there is still potential for SHIB to benefit investors in the long term. It is also worth noting that the post-BTC halving rally, where altcoins mimic BTC’s parabolic uptrend, has yet to occur, further paving the way for Shiba Inu’s incredible gains in the future. Masu.

Also read: Grayscale Bitcoin ETF ends 77-day outflows, begins GBTC inflows

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