A recent development that has stirred interest in the cryptocurrency community is the transfer of an unspecified amount of Shiba Inu(SHIB), namely 1,087,988,359,122 SHIB, equivalent to approximately $18,369,595, from an unknown wallet to the Binance exchange.
This massive transfer occurred during a general market downtrend where Shiba Inu (SHIB) has shed approximately 9% of its value.
Such a transfer has attracted a lot of attention in the trading community and among analysts, pointing to potentially large trading actions during the recent fluctuations and drop in SHIB’s price.
While other significant coins, such as Bitcoin and Ethereum, are also under pressure in the current market, Shiba Inu has also recorded its current dips.
Shiba Inu has also been experiencing losses in recent trading situations taking place during a larger crypto market slump targeting assets such as Bitcoin and Ethereum.
As of the last update, SHIB has declined by 7. 15 % during the last 24 hours to $ 0. 0000167, intraday low reached $0. 0000163 during the week, where it has slashed its price by 16.8%
Selling pressure comes into play when there is a possibility that a holder of such a large amount of SHIB tokens has been transferring the assets to Binance due to market volatility.
Completing a transfer may signify a foreseen action to take advantage of a market circumstance whereby selling, trading, or other financial operations may be involved.
On the other hand, the large holders or exchanges merely moved coins to different wallets, and therefore, the decline cannot be attributed to bearish sentiment. SHIB Transfer Impact
