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Shiba Inu whales making comeback ahead of new trading week

2 Trillion Shiba Inu (SHIB) in Last 24 Hours:

Are Whales Coming Back?

Shiba Inu whales are on the verge of waking up as transactional activity on large wallets seems to be surging and reaching almost 2 trillion. However, the lack of momentum in the market suggests that it is too early to celebrate, and those transfers might simply be tied to funds redistribution rather than anything significant for the price.

Fresh data has emerged that more transactions are happening within the Shiba Inu network. For the last 24 hours, 147 large transactions have occurred, whose cumulative volume is valued at 1.9 trillion SHIB. The activity bounces off a seven-day low of 82 transactions that took place on May 19, 2024.

Analyzing surge
A sudden spike in big transactions could mean numerous things. For one, it's a good probability that large holders in the market are just redistributing their assets. This movement of funds might be related to internal wallet reorganizations, with preparations for future market moves, or simple asset redistribution for liquidity purposes.
SHIB Data
Source: IntoTheBlock

All of this fueled the volume of transactions, but the general feeling around SHIB remained pretty neutral. Price showed no actual upward motion and was still close to $0.000024. The relative strength index confirmed a lack of buying power as well by staying above the 50-point neutral level.

Potential implications
Still, the fact that actions from such whales are visible gives no clear indicator that the price also necessarily increases. The dynamics of the market suggest that these large moves might actually amount to no new investment but circulating capital from existing holders. In that regard, the small price effect was affected at best, and SHIB remains within a tight horizontal range.

This would require sustained buying pressure and overall market optimism for SHIB to really experience a bull run. Indicators are showing signs of a bullish breakout, but not just yet.
#shib #BullRunAhead #shiba⚡

Circle, a stablecoin issuer based in the Republic of Ireland, has reportedly announced plans to relocate its legal domicile to the United States. The decision is believed to be a response to the Organization for Economic Cooperation and Development’s (OECD) proposal for a minimum tax of 15% on the profits of larger multinational corporations.

Republic of Ireland’s Low Corporate Taxes
The stablecoin issuer, Circle Internet Financial Ltd. (Circle), has reportedly confirmed its intention to relocate its legal base from the Republic of Ireland to the U.S., although no reasons were provided. According to a report by Bloomberg, Circle’s decision to relocate is tied to the firm’s initial public offering (IPO) plans, which were disclosed at the beginning of the year.

As stated in Circle’s January announcement, the stablecoin issuer submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This statement pertains to the proposed IPO of its equity securities. At that time, Circle indicated that the number of shares to be offered and the price range for the proposed offering had yet to be determined.

By transferring its legal base to the U.S., Circle, the issuer of the USDC stablecoin, is forfeiting Dublin’s low corporate taxes, which have lured corporate giants such as Apple Inc. and the pharmaceutical group Pfizer. As noted in the report, the Organization for Economic Cooperation and Development (OECD)’s proposal for a minimum 15% tax on the profits of larger multinationals is expected to diminish the advantages of Ireland’s low corporate tax rates.

as read on bitcoin.com

#BITCOINUSD #CircleUSDC #CryptoWatchMay2024 #stablecoin #circulation