Binance transfers 137 billion SHIB Its Effect on Shiba Inu's Price?

SHIB currency has continued to fall and is battling to get traction around 0.00001404.

It fell to 0.00001335 intraday since the new week. Due to weekend selling pressure, the bitcoin market has become more pessimistic.

Bitcoin fell on the first day of the week due to market weakness.


Binance's transfer of over 135 billion Shiba Inu (SHIB) tokens without an announcement may worry investors.

SHIB's price drop on transfer day implies the market is responding carefully to this large-scale cash redistribution.

The Limited Effect of Binance's SHIB Token Transfer on Prices
Binance traded approximately 135 billion SHIB tokens. This significant transfer may be part of their fund management rather than a withdrawal.


Binance's transfer of 135 billion SHIB tokens may be ordinary liquidity management, not a market event. Reorganization is part of routine operations, thus SHIB's pricing shouldn't be affected.

After a protracted rally, SHIB is trying to break through the 50- and 100-day exponential moving averages.

Bitcoin went from $62,000 to below $58,000, and Shiba Inu's price followed, implying a connection.

Shiba Inu's trading volume dropped to $321 million, rather low given its $8.2 billion market size.


Open interest in the futures market fell from $53 million in July to $22 million in August.

Shiba Inu also has ecosystem issues including poor asset valuations and TVL on Shibaswap.

SHIB Expects Bullish Break Above $0.000014 Despite Key Resistance

Shiba Inu (SHIB) may continue bullishly over $0.000014 due to a 4-hour chart rising trendline.


However, resistance from the 50-day Exponential Moving Average (EMA) may limit advances.


Another layer of resistance is a triple top pattern at $0.00001466, suggesting bulls may need momentum to break through.

Conclusion: Technical signs recommend caution. Trading over $0.000014002 may indicate a buying trend, while $0.00001466 may represent resistance.

Failure to stay above $0.000014002 might suggest a reversal.

#SHIB $SHIB