SHIB Whale Sells 3 Tln Coins, Has SHIB Price Peaked?

As the price of Shiba Inu resumes its amazing upward momentum, a well-known crypto whale has caused a stir in the crypto community by selling nearly 3 trillion tokens to Robinhood. The whale's move coincided with SHIB's nearly 10% price increase, sparking market sentiment that the token's price may have peaked.

Whale transactions, mainly attributed to profit-taking behavior during the price rally, have surfaced, causing crypto market traders and investors to speculate on SHIB's future price direction. Here is a detailed look at the current market statistics of the dog-themed meme coin.

SHIB's price trajectory shows a period of sideways trading. This may highlight the impact of the huge selling pressure faced by SHIB, which is mainly attributed to the aforementioned huge whale transaction.

Nonetheless, Shiba Inu has ridden a bullish wave in the cryptocurrency space, with its on-chain data highlighting a strong market uptrend.

Shiba Inu indicates a significant increase in investor interest, accompanied by an increase in trading activity, giving cryptocurrency market participants hope for further gains in the short term. However, the RSI hovers around 55, suggesting that the asset is neither overbought nor oversold.