{"id":13750,"date":"2024-06-13T06:04:16","date_gmt":"2024-06-13T06:04:16","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=13750"},"modified":"2024-06-13T06:04:16","modified_gmt":"2024-06-13T06:04:16","slug":"shiba-inu-faces-significant-selling-pressure-amid-transfer-of-4-29-trillion-shib-to-coinbase-by-whales","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/shiba-inu-faces-significant-selling-pressure-amid-transfer-of-4-29-trillion-shib-to-coinbase-by-whales\/","title":{"rendered":"Shiba Inu Faces Significant Selling Pressure Amid Transfer of 4.29 Trillion SHIB to Coinbase by Whales"},"content":{"rendered":"\n<p>Shiba Inu, the second-largest meme coin, has experienced a period of sideways price movement in the last month, particularly with a notable decline in the past week. Recent on-chain data suggests a potential continuation of this downward trend in the short term due to increasing selling pressure. Notably, major Shiba Inu holders have recently moved trillions of SHIB tokens, hinting at a possible upcoming selloff, with a substantial amount of 4.92 trillion SHIB being transferred to the cryptocurrency exchange Coinbase.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analysis_of_On-chain_Data_Indicates_Intense_Sell_Pressure_for_SHIB\"><\/span>Analysis of On-chain Data Indicates Intense Sell Pressure for SHIB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several high-market-cap cryptocurrencies have seen price drops in the past 24 hours. For instance, Bitcoin dropped by over 2% yesterday, extending its 7-day losses to more than 5%. This downward movement impacted the prices of major altcoins, with Ethereum also experiencing a decrease of nearly 5%. The cryptocurrency market&#8217;s abrupt shift was largely influenced by the latest U.S. Jobs report for May, released by the Labor Department, revealing an increase in the U.S. unemployment rate.<\/p>\n<p>Shiba Inu was not immune to these price declines, with its value dropping by as much as 10% yesterday. Notably, OnchainDataNerd, a significant transaction tracker, highlighted a deposit of 4.29 trillion SHIB tokens into Coinbase by 10 large wallets. At the time of this transfer, the tokens were valued at approximately $97.33 million. This massive movement to Coinbase provides these whales with a convenient platform to sell off their holdings, potentially introducing additional selling pressure to the market.<\/p>\n<p>OnchainDataNerd also pointed out a similarity in transaction patterns among these whale wallets, suggesting potential common control by a single entity. The tokens were acquired at different times, in September 2021 and March 2024, with an average entry price of $0.00001309. With the current SHIB trading price well above $0.000022, a complete selloff of these tokens could yield a profit of $41.22 million for the whale(s).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shiba_Inu_Price_Recovery_Relies_on_Increased_Buyer_Activity\"><\/span>Shiba Inu Price Recovery Relies on Increased Buyer Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Presently, SHIB is trading at $0.00002217, reflecting a 15.10% decline over the past week. The cryptocurrency has retested the $0.00002117 support level twice in the past 24 hours, potentially indicating further decline amidst heightened selling pressure. To see a rebound in Shiba Inu&#8217;s price and counter the prevailing selling pressure, a surge in buyer activity is essential to absorb the excessive supply.<\/p>\n<p>Conversely, a recent surge in the Shiba Inu burn rate suggests that the selling pressure could abate soon. This spike in the SHIB burn rate represents a substantial 68,000% increase in the last 24 hours. While short-term price movements may be negative, the long-term outlook appears positive. One analyst predicts that Shiba Inu is poised to surge to $0.00024, marking an impressive 1,100% rise from its current price level.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu, the second-largest meme coin, has experienced a period of sideways price movement in the last month, particularly with a notable decline in the past week. Recent on-chain data suggests a potential continuation of this downward trend in the short term due to increasing selling pressure. Notably, major Shiba Inu holders have recently moved [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13751,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Shiba Inu Faces Significant Selling Pressure Amid Transfer of 4.29 Trillion SHIB to Coinbase by Whales - Bitrabo","description":"Shiba Inu, the second-largest meme coin, has experienced a period of sideways price movement in the last month, particularly with a notable decline in the past"},"footnotes":""},"categories":[316],"tags":[4832,660,1436,585,1927,1110,1494,1209,4831,1032,584,3358,1301,457],"class_list":["post-13750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-4-29-trillion","tag-coinbase","tag-faces","tag-inu","tag-massive","tag-move","tag-pressure","tag-sell","tag-sell-pressure","tag-shib","tag-shiba","tag-shiba-inu","tag-trillion","tag-whales"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/13750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=13750"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/13750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/13751"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=13750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=13750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=13750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}