• 14 July, 2024
Market News

Binance Exchange Sent a Massive 6 Trillion SHIB; Price Skyrocket by 4%

Over the last 24 hours, Whale Alert’s leading crypto tracking service discovered 10 massive transfers of Shiba Inu (SHIB) conducted by Binance. Furthermore, Etherscan indicates that there were even more SHIB transfers than those identified by Whale Alert— almost another trillion tokens.

Shiba Inu price action: Coinmarketcap

SHIB has recently become one of the hottest tokens on the market, with its price increasing by over 54.14% in the last month alone. In the span of just ten minutes, Binance made four SHIB token transfers – three of which were caught by Whale Alert. At 4:34 p.m.

UTC, precisely, the first transaction was seen with 499.9M tokens worth a remarkable $6.4 million being sent to an unknown wallet address.

The first transaction of SHIB tokens already raised questions in the minds of its proponents. This was followed by two more transactions consisting of the same amount – indicating that something fishy was afoot. However, what seemed to be suspiciously similar soon dissipated with the third transaction involving 126.1 billion SHIB worth $1.6 million. 

Two Binance-linked addresses transmitted all of the funds to a single, unidentified wallet. This anonymous repository now contains over 1.6 trillion SHIB tokens valued at approximately $20.9 million.

Shiba Inu is seeing some large-scale investors making significant investments, a trend that began the last year and continued. Last month, a whale made headlines by purchasing an incredible 3 trillion tokens.

This was soon followed up with another top-tier ETH holder scooping up 120 billion SHIB tokens! These purchases certainly demonstrate the potential and strength of the crypto market.  

Shiba Inu Recent price analysis

Shiba Inu is trading at $0.00001255, up by 4.02% in the last 24 hours. The bullish momentum has slowed down at the moment as the profit-taking traders have started taking their profits from the recent hike. The RSI and MACD on the daily chart show a bearish divergence which could mean that price is about to take a slight dip before it starts to rise again.

SHIB/USD daily chart: TradingView 

The support levels for SHIB are set at $0.00001065 and .00001136, respectively, whereas the resistance level is at $0.00001325. The recent gains have made SHIB one of the top-performing coins in 2023, and investors should keep a close watch on its price movements.

The Relative Strength  Index is currently at 70, indicating that the coin is overbought and could soon experience a small pullback. The RSI is slowly falling and could soon enter the oversold region in the near future. 

The Moving Average Convergence/Divergence also shows an ongoing bearish divergence, suggesting that a short-term price correction is on its way. Shiba Inu prices might correct lower soon as traders take profits from their positions.

Russia’s Largest Bank Gets Ready to Launch Decentralized Platform By May Read Previous

Russia’s Largest Bank Gets Ready to Launch Decentralized Platform By May

On-Chain Data Hints Caution In Bitcoin (BTC) Bull Run; Should You Worry! Read Next

On-Chain Data Hints Caution In Bitcoin (BTC) Bull Run; Should You Worry!