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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Whale Purchases $38 Million Worth Of SHIB, A Rebound On The Horizon?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum Whale

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Shiba Inu (SHIB) token has witnessed high-value transactions again, leading to intrigue among its community. As significant amounts of SHIB change hands, many wonder if these moves signal a forthcoming positive shift in its market position or a rebound, as the asset is currently in a downtrend.

Whale Alert, a renowned blockchain tracking platform, disclosed that a transaction of 4.65 trillion SHIB tokens, equating to approximately $38.39 million, moved from Bitvavo to an unidentified wallet.

🚨 🚨 4,653,778,173,637 #SHIB (38,391,343 USD) transferred from #Bitvavo to unknown wallethttps://t.co/KFZzJIvU5q

— Whale Alert (@whale_alert) August 21, 2023

High-Value Transactions Coincide With Shibarium’s Developments

It’s worth noting that this isn’t an isolated event. A similar transaction occurred just a day prior, where an almost equivalent amount of 4.6 trillion SHIB tokens (around $38.70 million) was transferred from one undisclosed wallet to another.

🚨 🚨 4,669,778,173,637 #SHIB (38,707,791 USD) transferred from unknown wallet to unknown wallethttps://t.co/c6LPXZFq2h

— Whale Alert (@whale_alert) August 20, 2023

These high-value transfers correlate with the start of Shibarium, the Ethereum-based layer-2 blockchain, which has been the cause of a spike in SHIB transactions. The surging activity, especially after introducing the Shibarium blockchain, naturally raised eyebrows within the Shiba Inu community.

Related Reading

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Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH

1 year ago

To address rising concerns about the safety of assets, the Shiba Inu team came forward in its “All Is Well” blog post, offering clarity on the technical issues, and emphasizing the security of the users’ assets.

SHIB Rebound On The Horizon?

While it’s undeniable that there may be growing attention on Shiba Inu, especially after these whale activities and the Shibarium blockchain’s developments. It may be too soon to forecast the exact trajectory SHIB will take.

However, analyzing the Shiba Inu price chart suggests there could be a potential rebound, though it might not be imminent. On the 4-hour chart, Shiba Inu displays a pronounced downward wick. This indicates the presence of more liquidity in this downside range, which could suggest further decline as market makers may seek to capture this liquidity.

Shiba Inu (SHIB)’s price chart on TradingView
Shiba Inu (SHIB)’s price is moving downward to take out liquidity in the marked wick on the 4-hour chart. Source: SHIB/USDT on TradingView.com

To clarify, a wick refers to the thin line/vertical line above or below the main body of a candlestick. The wick represents an asset’s highest and lowest prices during a specific time frame, such as the candle marked above.

Related Reading

Shiba Inu SHIB Shibarium

How High Can Shiba Inu (SHIB) Rise When Shibarium Restarts?

1 year ago

Regardless of the above analysis, significant whale purchases highlight the commitment of Shiba Inu’s investors. Such activities underscore their interest in adding to their SHIB holdings. This growing attention on SHIB is especially noteworthy given its recent Shibarium project launch.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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