Shiba inu

Trillion Shiba Inu (SHIB) in Last 24 Hours: What Are They Doing?

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Shiba Inu cryptocurrency has seen another flurry of activity in the last 24 hours, with transactions amounting to almost a trillion tokens. The surge obviously raises some eyebrows, but the most important thing is to correctly break it down analyze it, in order not to make false assumptions.

Notable transfers include 137 billion SHIB from a hot wallet and substantial amounts moving between Binance and Coinbase hot wallets. For instance, transactions from Binance hot wallet included one for 305 billion SHIB, and another from Coinbase hot wallet recorded the movement of 101.068B SHIB. Such large-scale transfers are typically indicative of strategic moves by major players, possibly in anticipation of market shifts or in response to underlying developments within the SHIB community or broader crypto market.

SHIB/USDT Chart by TradingView

Analyzing the addresses involved, both senders and recipients are primarily exchanging hot wallets, which suggests a high level of activity among traders rather than ordinary holders. This pattern could signify a preparation phase for either taking new positions or liquidating existing ones depending on the market’s performance in the foreseeable future.

In terms of market impact, the Shiba Inu price chart provides more context. The chart shows a descending trendline, with the price currently hovering around $0.0000227. Recent transactions coincide with SHIB testing a crucial support level at $0.00002188. If this level fails to hold, further declines could be imminent, potentially driving the price toward the next major support at $0.00001788.

Furthermore, the 50-day and 100-day Exponential Moving Averages show a potential bearish crossover, which could further pressure the SHIB price downward. This technical setup might be influencing large transactions as traders position themselves for a possible downturn.

If SHIB can maintain support and rebound, these transactions could be part of a broader accumulation strategy by savvy investors betting on a recovery. The market’s reaction to these developments will be crucial in determining the short-term trajectory of SHIB.

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Arman Shirinyan

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