Altcoin, price action, shib, Shiba Inu, whales

Shiba Inu (SHIB) whales are at it again, with large transactions involving the meme coin recorded lately. These high-volume transactions have piqued the interest of other investors, who have deliberated on whether this could be the perfect opportunity to accumulate the meme coin. 

Shiba Inu Whale Transfers 2 Trillion SHIB Tokens  On-chain analytics platform Whale Alert revealed in an X (formerly Twitter) post that 2 trillion SHIB were transferred from a Kucoin-linked wallet (Kucoin 6) to another Kucoin-linked wallet (Kucoin 20). Interestingly, this came amidst the charges leveled against the exchange and its founders. 

On-chain data further revealed that the receiving wallet began to transfer these SHIB tokens across different wallets. While the nature of the transactions remains unknown, the troubled crypto exchange may have made these transfers to meet customers’ demands. 

If so, that signifies a bullish sentiment among SHIB whales, who still want to purchase as much of the meme coin as possible. For instance, the Kucoin 20 wallet, which received the 2 trillion SHIB tokens, transferred over 35 million SHIB to an unknown wallet, and that wallet hasn’t moved the SHIB tokens since then, which suggests they could be long-term holders. 

Bitcoin is now trading at $70.012. Chart: TradingView Another wallet that also received 4.7 million SHIB tokens from the Kucoin 20 wallet moved its holdings to a warm wallet, possibly due to Kucoin FUD, and in a bid to preserve its holdings. The moves made by these wallets underline the bullish outlook for the SHIB token, with large-scale investors having no intention of disposing of their tokens anytime soon. 

Meanwhile, it is worth mentioning that the Kucoin 20 wallet transferred 1.4 trillion SHIB tokens back to the Kucoin 6 wallet. Those tokens are still in the wallet and haven’t been moved since then. 

Crypto trader and analyst Xanrox had previously advised investors to load their SHIB bags at the $0.0000212995 price level. However, with SHIB trading far above that level, there is the feeling that it may never return to that entry point, especially with crypto expert Rekt Capital recently stating that the meme coin has built support at the $0.000026041 price level.

Although Xanrox’s entry point may have been missed, investing in SHIB right now still looks like a good move based on the predictions of different analysts. This includes Xanrox, who hinted that SHIB could rise to a new all-time high (ATH) by July. Meanwhile, analysts like Oscar Ramos have predicted that SHIB could shed another zero on the road to $0.0001. 

At the time of writing, SHIB was trading at around $0.00003029, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Pexels, chart from TradingView

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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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May 2024


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