Shiba Inu, the self-proclaimed Dogecoin killer, has once again birthed a tsunami of speculations across the global crypto realm. Amid its price re-entering the red territory following considerable gains witnessed yesterday, a whale has been noted to transfer colossal amounts of SHIB to Coinbase, one of the world’s leading CEXs.
This has set off a wave of mixed market sentiments, leaving the future price movements of SHIB shrouded in uncertainty. Let’s delve deeper into the recent whale data and market dynamics of one of the most renowned dog-themed meme coins.
Whale Makes Profit With Massive SHIB Transfer
According to data streamlined by the on-chain analytics platform Spotonchain, the whale 0x541 deposited 199 billion SHIB to Coinbase today, May 17.
Notably, the whale bought these tokens from Coinbase between October 2021 and September 2023. Now, after depositing all SHIB holdings into Coinbase, the whale has realized an estimated profit of $3.2 million.
Although this phenomenon illustrated that the whale has made colossal profits via SHIB, buying at the right time, it’s worth mentioning that current sentiments do not seem so optimistic.
Market trends took a 180 turn as the whale’s transaction aligned with profit-taking behaviors. This is viewed by crypto market participants as potentially negative, as it could further increase the selling pressure on the token.
Meanwhile, as the whale dump also underscored a loss of investor interest in Shiba Inu’s potential to offer future gains, crypto traders and investors expect a waning price trajectory ahead.
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SHIB’s Price Slips
Coming in tandem with the broader market’s tumbled price movement, SHIB’s price has slipped 2.60% in the past 24 hours and is currently trading at $0.00002445. The token’s bearish movement today primarily falls in line with the massive amount of SHIB offloaded, as mentioned above.
Coinglass data revealed a 4.89% fall in SHIB’s open interest, reaching $73.43 million, followed by a derivatives volume decrease of 44.25% to $178.04 million. This data added to the bearish sentiments surrounding SHIB, flagging reduced market activity and investor interest.
Nonetheless, the RSI continued to move around 51, hinting that the asset is neither overbought nor oversold. Concerning this, if the selling pressure continues to rise, Shiba Inu could witness a waning price trajectory ahead. Conversely, long-term prospects may shine with bullishness if bulls take control of the meme coin, accompanied by the community’s continued token-burning chronicles.
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The post Shiba Inu Coin: Whale Dumps 199B SHIB To Coinbase, What’s Next? appeared first on CoinGape.
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