LIVEShiba Inu Whales Are Moving SHIB Again, Bearish📉 Or Bullish📈?🤔
•Shiba Inu whales have been seen moving a large amount of SHIB on-chain once again.
These movements come at a time when the price of the meme coin is on the rise, raising concerns about whether these large holders have decided to start selling their large stacks of coins.
•Shiba Inu Whales Start Moving Coins
Over the last few days, whale tracker Whale Alert has reported two large Shiba Inu transactions carrying a massive amount of coins. The first was reported on October 31 where a single transaction was spotted carrying over 4.47 trillion SHIB worth $35.35 million at the time. The next transaction came a day later on Wednesday, November 1, where another transaction carrying a large amount of
SHIB was recorded. This transaction was similar to the first in that it was carrying
4.46 Trillin tokens. The dollar figure was however a little lower at $33.9 million at the time of the transaction.
•More Bullish Than Bearish For SHIB
Looking at the origin and destination of each transaction shows a higher tendency for it to be bullish than bearish for the coin.
The first transaction was actually moved from an unknown wallet to another unknown wallet. This could suggest that the owner is moving the coins to other wallets for safekeeping.
•The second transaction is even more bullish given that it is a withdrawal from a centralized exchange. As Whale Alert shows, the transaction was actually the movement of coins from the Bitvavo crypto exchange to a private wallet, which suggests accumulation.
Given that both of these transactions are not showing any indications of selling, it is likely that these whales are still keeping the faith and holding on to their coins. In such a case, it is more bullish than bearish for Shiba Inu.
Shiba Inu is still trading at a fairly high price of $0.0000079 after jumping 3.93% in the last 24 hours. However, it is performing much worse on the weekly chart with 1.53% losses.
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