Shiba Inu’s activity is heating up, hinting at potential price shifts. In just 24 hours, a whopping 1.5 trillion tokens changed hands within the network, indicating substantial movement. Keep an eye out for possible price changes ahead.
Shiba Inu Token Movements: What’s Driving the Market?
Big amounts of Shiba Inu tokens are being moved around. One transfer caught attention – it moved 53.08 billion SHIB, worth about $1.36 million, to someone we don’t know from a private wallet.
Another interesting move came from a Coinbase “hot wallet” with over 106.33 billion SHIB, around $2.65 million. It could be either an inside transfer or getting ready for a possible price jump, which is what we’re watching for.
The people sending these tokens are using platforms like Uniswap and Upbit, which might mean they’re moving a lot of tokens around or planning their next moves carefully. These actions could show that big players are gathering tokens or moving money because they expect something to happen in the market.
Figuring out how these transfers affect Shiba Inu’s price is tricky. When lots of tokens go into exchanges, it could mean prices might drop because of all the selling. But when tokens leave exchanges, it could mean the opposite — prices might go up because people are holding onto them or keeping them safe. We’ll need to keep an eye on how the market reacts next to be sure.
Shiba Inu Price Analysis: Key Levels and Potential Breakouts
Looking at Shiba Inu’s chart, the token’s price is bouncing around between two key levels: $0.00002318 as the lowest point it tends to hit and $0.00002629 as the highest. If Shiba Inu stays above the lower level, it might try to break through the higher one. If it succeeds, the next goal could be hitting $0.00002831.
Source: CoinMarketCap
But if the price drops below that support level, it could go down further, maybe to around $0.00002091. Moreover, with RSI around 50, it suggests that the price of SHIB can go both ways. Recent transactions show there’s a lot of action happening, hinting that Shiba Inu’s price might go through some big changes soon, hopefully going up.
Source: TradingView
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all of your capital.
