Whale-watching platform WhaleAlert has detected a massive movement of trillions of SHIB. Meanwhile, SHIB price has given some green signals, according to crypto analyst Ibrahim Ajibade. In particular, on-chain data shows a positive uptrend in social sentiment surrounding the SHIB community. The analyst examines whether the time has come for a bullish reversal in SHIB.
Trillion SHIB movement from whales!
cryptocoin.comAs you follow, the crypto market is quite volatile. Whale movements draw attention in this uncertain environment. On-chain whale tracker WhaleAlert has detected a massive 3.8 trillion SHIB movement in the last hours. The value of the transfer in question is over $25.5 million. This massive SHIB stack took place between two anonymous wallets. “3,811,233,843,288 SHIB (25,596,246 USD) has been transferred from one anonymous wallet to another anonymous wallet,” said the whale watcher.
Meanwhile, the SHIB transfer was made to a fairly new wallet. This gave rise to speculation. Additionally, WhaleAlert reported a similar move earlier this week. A large stash of SHIBs (3,821,233,843,288 SHIB) was transferred between anonymous wallets. Here, the transfer of 3.8 trillion SHIB to a completely new wallet draws attention.
Optimism rises within the Shiba Inu community
After a tumultuous start to the month, Shiba Inu investors are again optimistic. Santiment’s Weighted Sentiment metric evaluates the mood of a particular Blockchain community by comparing the number of positive comments about the project with the negative ones. As you can see below, SHIB Weighted Sentiment started to rise around June 9th. As of June 16, it is currently hovering around -1.43. This represents a positive 13% improvement over the past week.
When Weighted Sentiment starts to rise during a price correction, it signals that a bullish reversal may be imminent. If the latest team announcement turns into a widely accepted product launch, the altcoin price could soon enter recovery mode.
SHIB tokens fly off the shelves
Also, there is a sharp decline in the balance of SHIB on exchanges. This is another critical factor that signals a bullish reversal. Balance on Exchanges represents the number of tokens that investors have deposited on well-known cryptocurrency exchanges. The Glassnode chart below shows how SHIB holders removed 4 trillion tokens from exchanges between June 9 and June 16.
When investors move tokens to exchanges, they are likely looking for opportunities to sell. This can be seen in the chart above. There was a sharp increase in stock market supply on June 8 before SHIB’s 15% price drop on June 9. However, with the SHIB Balance on Exchanges falling rapidly, the selling pressure is likely to ease in the coming days.
Shiba inu Forecast: Potential bullish reversal towards $0.0000010
According to Global Price breakdown data from IntoTheBlock, the altcoin is likely to make a bullish return towards $0.0000010. At the moment, however, the sell wall of 88,000 addresses holding 32 trillion tokens in the mid-$0.000008 range is likely to trigger a pullback. If this resistance is broken, altcoin price is likely to rally towards $0.000010.
Still, it’s possible for Shiba Inu bears to thwart this bullish rhetoric if the altcoin drops below $0.000006. However, it is possible that 19,260 addresses that have purchased 8.82 trillion tokens for at least $0.000006 can create a buy wall. However, the SHIB bears are likely to force a drop to $0.000005 if this support level breaks down.
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