Shiba Inu, alongside the rest of the cryptocurrency market, went through significant volatility during the past few days.
The meme coin is currently down 3.6% on the week and is trading at around $0.00001734. As CryptoPotato reported earlier, SHIB made new lows following the latest decline. This has confirmed the ongoing negative sentiment, and the most imminent support lies at $0.000014.
Is the SHIB Price in Danger of More Declines?
Tracking whales has always been a way to gauge perspective market movements.
Whale addresses are such that they hold a considerable number of tokens and are oftentimes capable of impacting the market not just by objectively executing trades but also by moving tokens as traders react in anticipation.
Data from Spot on Chain reveals that one whale with an address ending in 0x42a has deposited a whopping 1.088 trillion worth of SHIB. That’s around $18 million at current prices.
According to the analytics provider, the whale had been accumulating SHIB since the market bottom in November and December 2023 and currently sits on an estimated profit of around $8 million. This represents a 79% increase for the investor.
They deposited the funds to Binance.
Source: Spot on Chain, X What Does This Mean for Shiba Inu?
It’s impossible to determine whether or not the whale has decided to realize their profits or not.
However, a transaction in which tokens are transferred from off-exchange storage to a trading platform is usually indicative of intentions to sell.
Nonetheless, it’s also worth noting that SHIB’s current market depth, as calculated by CoinMarketCap, would require the market sale of $1 million worth of tokens to move the price down by 2% on Binance.
Meanwhile, SHIB is trading at a 4.4% increase over the past 24 hours, recouping some of the losses observed over the past few days.
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