A transaction recorded on Etherscan showed that 425 billion Shiba Inu (SHIB) tokens were transferred to Coinbase from an unknown wallet. ALthough it is unclear the purpose behind it, tokens transferred to the exchange are usually for sale.
425 billion SHIB are worth about $3.2 million at current prices. While the number of tokens may not significantly impact SHIB’s overall liquidity, this move still raises many questions; is this part of a larger trend where whales are actively selling their holdings? Significant investors or crypto whales may be taking profits, especially when SHIB is nearing its key resistance level.
SHIB is recovering along with the rest of the crypto market, but the token is currently facing resistance. The 50 EMA threshold could act as a key point for the token’s short-term price action. If SHIB cannot surpass this level, it is likely to reverse the trend and start falling in price. The downtrend can also be triggered by whales selling off tokens.
SHIB’s Relative StrengthIndex (RSI) has crossed the value of 50, indicating a bullish momentum. However, the relatively low trading volume still makes many users worry that the current recovery will not be as strong as it appears. At the time of writing, SHIB is trading at 0.0000073 USD; decreased 3.6% in the last 24 hours.