According to OnchainDataNerd, a Shiba Inu (SHIB) whale sent 100 billion tokens worth about $2.24 million to Coinbase. The movement of assets from wallets to exchanges is considered bearish as it increases selling pressure in the market. The whale may be intending to sell the tokens and book profits.
Nevertheless, the sale of $2.24 million worth of SHIB may not affect the price of the asset. SHIB continues to trade in the green, up 1.4% on the daily chart and 1.7% on the 14-day chart, up 6.6% month-on-month. However, SHIB faced a 0.5% correction last week.
Will Shiba Inu (SHIB) face another adjustment?
The cryptocurrency market has been somewhat stagnant over the past few days. High inflation and fading expectations of rate cuts could be one of the reasons for the drop in investor sentiment. Nonetheless, we may see some positive price action in the coming weeks.
According to CoinCodex, the price of SHIB could surge to $0.00004281 by the end of this month. Reaching $0.00004281 from current levels would mean a growth of about 79%. Furthermore, CoinCodex expects SHIB to continue rising in June and reach $0.00008009 on June 11, 2024. Reaching $0.00008009 from current levels would represent a gain of nearly 235%. If SHIB touches $0.00008009, it has the potential to revisit its all-time high #0.0008616 set on October 28, 2021.
Changelly also expects Shiba Inu (SHIB) to show a bullish trajectory in the coming weeks. The platform expects SHIB to reach $0.00005101 by the end of this month. Changelly also expects SHIB to continue rising in June and touch $0.00007734 on June 8, 2024.
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