As the hype surrounding the meme coin continues to wane, there has been an increase in SHIB sell-offs on centralized exchanges.
Popular meme coin powered by a strong internet community Shiba inu (SHIB)remained in the deep red following its biggest daily sell-off since September.
In the daily chart, coinbase and SHIB’s price fell more than 18% on Thursday, according to data from TradingView. The token ended Wednesday with a drop of 22 percent; This was the coin’s biggest drop since its 87.6% drop on September 10.
The dog-themed token posted losses for three consecutive days after a SHIB whale made a move on its investment of 40 trillion SHIB (worth about $2.8 billion at the time). The move sparked speculation about where trillions of SHIBs might end up.
At the time of broadcast, the whale had moved the SHIB to four addresses where the tokens were staying, according to Etherscan. There was no other indication that the SHIB whale was moving the tokens to the open market. In addition, the whale did not neglect to take small amounts of SHIB after this process.
While the motivation for the SHIB whale to move the tokens is unclear, the market has reacted strongly to the move: According to data from Santiment, the price of SHIB has since been falling as the flow of SHIB to centralized exchanges has increased.
Santiment market analyst Dino Ibisbegovic told CoinDesk on the subject; “There seems to be an increase in SHIB sales,” he commented.
According to Ibisbegovic, about 1.36 trillion more SHIB has flowed to central exchanges in the last 24 hours, with the number of SHIB deposit addresses reaching 1,641 on Wednesday, an increase of 142 percent since November 1.
According to Santiment, a spike in a token’s deposit addresses on centralized exchanges could signal an increase in short-term selling pressure as more tokens become available on exchanges.
Meanwhile, according to Santiment, the number of unique addresses interacting with the SHIB token has dropped 66.1 percent since peaking around 107,000 on October 28. On October 28, there were 53,546 addresses interacting with SHIB for the first time, but new addresses holding SHIB today have dropped more than 64 percent. Evaluating this issue, Market analyst Ibisbegovic made the following comment on the subject:
“In the last week [SHIB’e yönelik] The excitement has definitely subsided.
Also, according to Santiment data, multiple SHIB whales carried SHIB holdings: SHIB transactions worth at least $100,000 began to rise on Wednesday.
SHIBarmy, the SHIB community on social media platforms including Twitter and Telegram channels, blamed Kraken for the latest sell-off: The San Francisco-based crypto exchange failed to list the meme coin on its platform, despite promising to list SHIB in its Monday Tweet.
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