Shiba Inu (SHIB) has been on the agenda with its recent price performance. According to the data, the current price of SHIB is $0.00000755. While the token is trending upwards, it is approaching a key resistance level at the 50 EMA.
This has led to speculation that some whales may be shedding their assets. The transaction in question involved the transfer of 425 billion SHIB tokens from an unknown wallet to Coinbase.
Although $3.2 million does not significantly impact Shiba Inu’s overall liquidity, it does raise questions. Is this part of a larger trend where whales are actively selling their assets?
The timing of this process is particularly interesting. The Shiba Inu is rising along with the broader cryptocurrency market. But it currently faces resistance. The 50 EMA level could act as a make-or-break point for the token’s short-term price movement. meme coin If it can’t break, we could potentially see a trend reversal triggered by whale selling like the one we just witnessed.
Moreover, the Relative Strength Index (RSI) for SHIB exceeded 50, indicating bullish momentum. However, overall low trading volume suggests the rally may not be as strong as it seems.
In summary, the $3.2 million transaction is not a liquidity crisis for Shiba Inu. But it may be indicative of a larger trend. Whales may be taking profits, especially as SHIB approaches a critical resistance level.
Traders and investors should keep a close eye on these major trades and the 50 EMA level to gauge the token’s future trajectory. Given current market dynamics, it is crucial to approach Shiba Inu and other volatile assets with caution. You should always do your own research before making any investment decisions.