Shiba Inu Whales Are Moving SHIB Again, Bearish Or Bullish?

Scott Matherson

1 year ago

3 mins read

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Shiba Inu whales have been seen moving a large amount of SHIB on-chain once again. These movements come at a time when the price of the meme coin is on the rise, raising concerns about whether these large holders have decided to start selling their large stacks of coins.

Shiba Inu Whales Start Moving Coins

Over the last few days, whale tracker Whale Alert has reported two large Shiba Inu transactions carrying a massive amount of coins. The first was reported on October 31 where a single transaction was spotted carrying over 4.47 trillion SHIB worth $35.35 million at the time.

The next transaction came a day later on Wednesday, November 1, where another transaction carrying a large amount of SHIB was recorded. This transaction was similar to the first in that it was carrying 4.46 Trillin tokens. The dollar figure was however a little lower at $33.9 million at the time of the transaction.

These two transactions were some of the largest transactions so far for the coin in the last few months, and naturally, drew the concern of investors due to their destination. The origin and destination of these transactions can often tell if they’re eventually bullish or bearish for the SHIB price.

More Bullish Than Bearish For SHIB

Looking at the origin and destination of each transaction shows a higher tendency for it to be bullish than bearish for the coin. The first transaction was actually moved from an unknown wallet to another unknown wallet. This could suggest that the owner is moving the coins to other wallets for safekeeping.

However, there is also the possibility that this was an over-the-counter (OTC) sale. Even so, such sales are carried out in a bid to not affect the market price of a coin by not dumping the coins on the open market, which minimizes the impact.

The second transaction is even more bullish given that it is a withdrawal from a centralized exchange. As Whale Alert shows, the transaction was actually the movement of coins from the Bitvavo crypto exchange to a private wallet, which suggests accumulation.

Given that both of these transactions are not showing any indications of selling, it is likely that these whales are still keeping the faith and holding on to their coins. In such a case, it is more bullish than bearish for Shiba Inu.

Shiba Inu is still trading at a fairly high price of $0.0000079 after jumping 3.93% in the last 24 hours. However, it is performing much worse on the weekly chart with 1.53% losses.

SHIB price begins recovery | Source: SHIBUSD on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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