Shiba Inu has seen a massive 1.5 trillion SHIB tokens moving in large transactions within the last 24 hours. These whale-tier transactions occur amid the substantial volume surge we saw on the market in the last 48 hours. Shiba Inu might finally attempt to enter reversal mode.
Notable movers in these transactions include major exchanges like Binance, Coinbase, Kraken, Gate.io and Robinhood. The volume of SHIB transactions ranged from 42.6 billion SHIB to 397 billion SHIB, valued in millions of dollars.
Key movements
Binance Hot Wallet sent 357.4798 billion SHIB worth $7.82 million, indicating substantial movement likely related to exchange operations or large-scale trades.
Coinbase Hot Wallet was involved in multiple transactions, receiving 808 billion SHIB worth $1.88 million. This suggests significant accumulation, potentially by retail investors or institutional players.
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Cumberland DRM executed several transfers, including sending 112 billion SHIB worth $2.67 million and receiving 105 billion SHIB worth $2.49 million.
Robinhood processed a transfer of 208 billion SHIB worth $5.09 million, likely reflecting retail interest or platform-driven movements.
These substantial movements, while impressive, do not necessarily guarantee immediate price spikes or drops.
Shiba Inu's price
The SHIB/USDT daily chart shows SHIB is currently trading at approximately $0.00002398. The price is consolidating within a descending triangle pattern, which is typically a bearish continuation pattern. However, SHIB has recently tested the upper level of the formation.
SHIB/USDT Chart by TradingView
The price is getting squeezed between 50 and 100 EMAs, indicating a potentially upcoming surge of volatility. A break above the 50-day EMA at $0.000024 could signal a bullish reversal, while failing to break this level may lead to further consolidation or a decline.