Shiba Inu, created a new wave of speculation in the cryptocurrency community. After yesterday’s gains, its price entered the red zone again, which attracted attention when a large investor transferred a huge amount of SHIB tokens to Coinbase.
This brought mixed emotions in the market and SHIBIt made future price movements uncertain.
Giant Investor Made Profit with Shiba Inu Transfer
According to Spotonchain’s data, investor with address 0x541 transferred 199 billion SHIB tokens to Coinbase today. Notably, this investor had purchased these tokens from Coinbase between October 2021 and September 2023. Now, after depositing all Shiba Inu tokens into Coinbase, the investor made a profit of around $3.2 million.
Although this phenomenon shows that the investor is making huge profits with SHIB, it is important to note that current market sentiments are not very optimistic. Market trends reversed as this large transaction aligned with profit-taking behavior. This is viewed as a potential negative by crypto market participants as it could create further selling pressure on the token.
Meanwhile, this massive investor sale also highlighted declining investor interest in the Shiba Inu’s future earning potential. Crypto traders and investors are expecting a bearish trend in SHIB price.
SHIB Price Drops
Along with broader market movements, Shiba Inu price It is down 2.60% in the last 24 hours and is currently trading at $0.00002445. The token’s downtrend today is directly related to the aforementioned massive release of SHIB.
Coinglass data showed that open positions decreased by 4.89% to $73.43 million, while derivative transaction volume decreased by 44.25% to $178.04 million. These data meme coin It increased the downward trends in its surroundings and signaled a decrease in market activity and investor interest.
Still, the RSI index continued to move around 51, indicating that the asset was neither overbought nor oversold. Accordingly, if the selling pressure continues, the price of Shiba Inu may trend downward. On the contrary, long-term prospects may be optimistic as bulls dominate the meme coin and the community continues its token burning efforts.
