Whale movements in the cryptocurrency world never end. There have been significant movements for SHIB and five cryptocurrencies in the last 24 hours. Let’s look at the details.
SHIB whales on the move
The Shiba Inu (SHIB) network has seen a flurry of activity among the whales recently. Accordingly, a Shiba Inu worth a staggering $115 million was found wandering around. This increase in large transactions is attracting attention in the crypto community.
What is interesting, however, is that this significant whaling activity has not translated into a corresponding price increase for SHIB. As of the latest data, Shiba Inu is traded at $0.00000723. Additionally, its price is following a downward trend. Here the question arises: Why is there such a disconnect between whale activity and price action in the SHIB market?
Unusual volume fluctuation
One notable factor in this equation is the significant increase in trading volume. It skyrocketed, tripling in size in a short time. Normally, when volume increases, the price also increases. However, in this case, the altcoin SHIB price continues to fall, creating a confusing situation. Additionally, this situation leads to speculation.
Are these whales accumulating more SHIB at lower prices, anticipating a price increase in the future? Alternatively, they diversify their portfolio without having to flood the market with SHIB. Could they also be reshuffling their holdings? The reasons behind this whale movement remain a mystery.
Whale mobility is difficult to explain
Increased whale activity acts as a double-edged sword for the SHIB market. On the one hand, it shows that major players are still interested in SHIB, potentially pointing to a bullish trend. On the other hand, the ongoing price decline can shake the confidence of small investors. It can also potentially trigger more sales. The delicate balance between these dynamics contributes to the uncertainty surrounding SHIB’s future price trajectory.
Not just SHIB
Whale mobility was not only the case for altcoin SHIB. There is activity in important cryptocurrencies in the market. Accordingly, 69,000,000 USDT were transferred from Tether Treasury to Bitfinex. On the other hand, 2,901 Bitcoins worth $ 73,138,572 moved from an unknown wallet. He went to the Coinbase exchange.
In other transactions other than SHIB, 2,200,000 UNI ($9,053,671) were transferred from unknown wallet to Coinbase. Additionally, 1,100,000 LINK ($6,437,087) were transferred from unknown wallet to Coinbase. Finally, when we look at cryptokoin.com, 32,000,000 XRP ($15,052,200) were transferred to Bitstamp from an unknown wallet.
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