Is the 1.5 Trillion Shiba Inu (SHIB) Surge Sustainable?
Shiba Inu has experienced a significant movement of 1.5 trillion SHIB tokens in large transactions over the past 24 hours. These transactions, which involved major exchanges such as Binance, Coinbase, Kraken, Gate.io, and Robinhood, occurred alongside a substantial surge in market volume over the last 48 hours. This activity suggests that Shiba Inu may be preparing to enter a reversal phase.
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Notable transactions included the transfer of SHIB tokens ranging from 42.6 billion to 397 billion, with values in the millions of dollars. For example, the Binance Hot Wallet sent 357.4798 billion SHIB worth $7.82 million, indicating significant movement likely related to exchange operations or large-scale trades. In addition, the Coinbase Hot Wallet was involved in multiple transactions, receiving 808 billion SHIB worth $1.88 million, which suggests significant accumulation, potentially by retail investors or institutional players.
Cumberland DRM executed several transfers, including sending 112 billion SHIB worth $2.67 million and receiving 105 billion SHIB worth $2.49 million. Meanwhile, Robinhood processed a transfer of 208 billion SHIB worth $5.09 million, likely reflecting retail interest or platform-driven movements.
Shiba Inu(SHIB) Price
It’s important to note that while these substantial movements are impressive, they do not guarantee immediate price spikes or drops for Shiba Inu. As for the current price, the SHIB/USDT daily chart shows SHIB is 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
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The price is currently squeezed between the 50-day and 100-day EMAs, indicating a potential upcoming surge in volatility. A break above the 50-day EMA at $0.000024 could signal a bullish reversal, while a failure to break this level may lead to further consolidation or a decline.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
