Shiba Inu whales transferred a staggering 14 trillion SHIB in the last 24 hours. As seen in the past, large-scale moves can mean taking profits or preparing for a price increase. However, it is important to be cautious. There is a particular transaction that stands out in on-chain data. A whale bought $2.4 million worth of SHIB tokens and later sold them for $4.2 million. This transaction can be cited as an example of a profit-making strategy frequently used by experienced investors who benefit from fluctuations in the cryptocurrency markets.
Koinfinans.com As we reported, there is a dynamic view on the Shiba Inu price chart. The asset has seen significant volatility characterized by rapid price changes that present quick profit opportunities. Currently, the price chart shows that SHIB is trading above the moving averages. This indicates an upward trend. The convergence of moving averages can be viewed as a potential indicator of momentum. This likely indicates continued investor interest in SHIB.
Moreover, the Relative Strength Index remains below the overbought zone. This suggests that while market sentiment is positive, the asset still has room for upside before it becomes overextended.
This technical consideration could mean that despite major whale moves, the market may not be at risk of a downside correction due to overbought. These whale movements often herald significant price movements.
When whales move assets in these volumes, it can lead to a realignment of supply and demand dynamics. If whale selling is part of a broader profit-taking trend, it could temporarily pressure the price downwards.
However, if these movements are a redistribution of SHIB into various wallets for strategic positioning, this could indicate bullish sentiment among large holders and potentially lead to a price increase in the foreseeable future.