Shiba Inu (SHIB) hodlers are in a state of panic following a colossal transfer of 1 trillion tokens, worth $28.8 million, to cryptocurrency exchange Gate.io. This movement, flagged by Whale Alert, has sparked fears of a potential sell-off and sent the price of SHIB plummeting.
Unidentified Whale Stirs Uncertainty
The origin of the transferred tokens remains shrouded in mystery, fueling speculation within the crypto community. Historically, large token movements to exchanges often precede significant selling pressure, causing anxiety among investors. This uncertainty has injected volatility into the SHIB market, leaving traders apprehensive.
Price plunge and Liquidations Stoke Fear
Following the news, the SHIB market witnessed a dramatic price plunge of 14.27% within the last 24 hours. Heightening investor fear further, data from CoinGlass revealed a surge in liquidations exceeding $5 million, with a significant portion targeting long positions held by bullish investors.
Resilience Tested, Future Uncertain
While SHIB has exhibited impressive resilience with a 194% surge over the past month, the recent transfer to Gate.io casts a shadow of doubt on the token's immediate future. The SHIB community awaits further developments with bated breath, fearing a potential price crash if the tokens are indeed sold on the exchange.