This makes some analysts wonder why so many investors are drawn to it. It is one of the low priced coins in the market, slightly cheaper than Dogecoin. The time frame in which Shiba Inu has gained so much popularity is exceptional. Vitallin Buterik, Ethereum’s co-founder is reported to have supported the process of storing the coins safely. It is believed that about 40% of its entire supply has been burned. Its similarity with the famous meme cryptocurrency – Dogecoin has so far fueled its success.įounded on the Ethereum blockchain, its total supply is capped at 1 quadrillion. The speed of its growth surely never came as a surprise as the coin’s creation time was just perfect. The Shib token is ranked among the top performing cryptocurrencies at the moment. Within a short period of time, it has proven to critics that indeed, Shib has the capacity to fill the position of Dogecoin’s competitor. The goal of its creation was to give Dogecoin some competition in the market. This crypto coin was created by Ryoshi and launched in August 2020. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.The buzz around the creation of Shiba Inu has contributed to its success in a space of one year. Prior to making any investment choices, it is strongly advisable to conduct thorough research and assess your personal risk tolerance. In light of the prevailing market conditions, it is of utmost importance to exercise prudence when dealing with assets like Shiba Inu and others known for their volatility. It is advisable for traders and investors to diligently monitor such substantial transactions and the 50 Exponential Moving Average (EMA) level to assess the potential future course of the token. Significant investors, or whales, might be capitalizing on gains, particularly as SHIB nears a crucial resistance point. In summary, the recent $3.2 million transaction may not pose an immediate liquidity crisis for Shiba Inu, but it serves as a potential signal of a broader trend. Nevertheless, the relatively modest trading volume raises concerns that the current rally may not be as robust as it initially appears. Should SHIB be unable to surpass this level, there exists the possibility of a shift in trend, potentially initiated by substantial holders, such as whales, engaging in sell-offs, reminiscent of the recent transaction we observed.įurthermore, it’s worth noting that Shiba Inu’s Relative Strength Index (RSI) has surpassed the 50 mark, signifying a bullish momentum. The 50 Exponential Moving Average (EMA) level is positioned as a critical juncture for the token’s immediate price trajectory. Shiba Inu has been surging in line with the wider cryptocurrency market, but it currently confronts resistance. The timing of this transaction holds a particularly intriguing aspect. Could this be indicative of a more extensive pattern where significant holders, often referred to as whales, are actively divesting their assets? While the sum of $3.2 million may not exert a substantial influence on Shiba Inu’s overall liquidity, it does provoke inquiries. The specific transaction under scrutiny entails the transfer of 425 billion SHIB tokens from an unidentified wallet to Coinbase. This has triggered speculation about the possibility of certain significant investors, known as whales, potentially selling off their holdings. Despite its upward trend, it is approaching a notable resistance point represented by the 50 Exponential Moving Average (EMA). As per live data, SHIB is presently trading at $0.00000755. Shiba Inu (SHIB) has been gaining considerable attention due to its recent price movements. The Leading Crypto Research NetworkĪ recent transaction recorded on Etherscan reveals a substantial movement of 425 billion SHIB tokens to Coinbase, equating to an estimated value of around $3.2 million.
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