It is eye-opening to discover 1.5 trillion tokens moved in 24 hours on the Shiba Inu network. These large transfers are critical to traders as they can signal upcoming price movements.
These transfers involved large amounts of money, with one notable transaction moving 53.08 billion SHIB (worth about $1.36 million) from what appeared to be a private wallet to an unidentified recipient. Another notable movement came from the Coinbase “hot wallet”, which held over 106.33 billion SHIB, equivalent to about $2.65 million, which could be an internal transfer or in preparation for a surge in volatility, which is what we are looking for.
On the sender side, exchanges such as Uniswap and Upbit participated, indicating liquidity transfers or strategic positioning by high-volume traders. Such moves may indicate that major players are accumulating funds or moving funds in response to or anticipation of market events. Analyzing the impact of these transfers on SHIB prices is complex. While large inflows into exchanges generally indicate potential selling pressure, outflows can mean the opposite - preparing for a bullish move or safekeeping. It is critical to monitor subsequent market behavior for confirmation.
Turning to SHIB’s chart analysis, the coin is fluctuating between the support level of $0.00002271 and the resistance level of $0.00002590. If SHIB holds support, it may test the resilience of the current resistance. If bullish, a breakout of this level may target $0.00002774 as the next resistance milestone. However, failure to hold this support level may see the price drop to the lower support level of $0.00002152. The recent trading strength suggests that Shiba Inu may be on the verge of a volatility spike, which is expected to lead to higher prices.
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