Shiba Inu (SHIB) holders find themselves on edge as a staggering 1 trillion tokens, valued at $28.8 million, make their way to cryptocurrency exchange Gate.io. This significant transfer, flagged by Whale Alert, has triggered apprehension among investors, raising concerns of an imminent sell-off and causing SHIB's price to plummet.
Whale Transfer Dampens Confidence
The source of this substantial token movement remains cloaked in mystery, fostering speculation and unease within the crypto community. History suggests that large transfers to exchanges often herald substantial selling pressure, leaving investors wary. This uncertainty has injected a wave of volatility into the SHIB market, leaving traders on edge.
Price Plunge and Liquidations Intensify Anxiety
In the aftermath of this news, SHIB experienced a sharp price decline of 14.27% in just 24 hours. Compounding investor apprehension, CoinGlass data revealed a surge in liquidations exceeding $5 million, predominantly targeting long positions held by optimistic investors.
Resilience Tested, Future Shrouded in Uncertainty
Despite SHIB's recent resilience, boasting a remarkable 194% surge in the past month, the recent transfer to Gate.io casts a shadow of doubt over the token's immediate outlook. The SHIB community watches anxiously for further developments, fearing a potential price crash if the tokens flood the exchange for sale.