5.6 Trillion SHIB Moved by Whales, How Will Shiba Inu Price React?

5.6 Trillion SHIB Moved by Whales, How Will Shiba Inu Price React?

Key Insights

  • The Shiba Inu whales moved 5.6 trillion SHIB over the last 24 hours
  • The "whales" may either be actual whales or exchanges shifting their reserves from one address to another.
  • Shiba Inu is currently struggling to break through $0.0001 and may sink lower if the bulls cannot push it further.

Shiba Inu is on the move. Cryptocurrencies across the market are now preparing for the end of the year, which comes up in less than a month.

The last quarter of 2022 has seen whales making a few moves regarding their cryptocurrency holdings. These whales across chains like Litecoin, Polygon, and Cardano are starting to move large tranches of crypto around in preparation for what 2023 brings.

The moves of the Shiba Inu whales, in particular, stand out from the rest.

This week alone, the largest addresses on the Ethereum chain have added massive amounts of Shiba Inu to their holdings, making the cryptocurrency one of their top five largest bags.

As of the time of writing, SHIB is now the fourth largest Ethereum whale holding, only coming after others like Ethereum itself, USDT, and USDC.

In recent news, however, the Shiba Inu whales have done something spectacular again this week.

Shiba Inu Whales Move Trillions

According to a tweet from the whale activity tracking platform Whale Alert, a total of ~5.6 trillion SHIB has been moved around over the last 24 hours in two separate transactions between unknown wallets.

In the first transaction, Whale alerts reported that 2,871,107,065,473 SHIB worth more than $26 million was transferred between two unknown addresses.

Less than eight hours after the first, Whale Alert reported that 2.8 trillion SHIB worth about $26 million was moved between another two unknown wallets in a separate transaction.

Data from another whale activity monitoring platform, WhaleStats, also shows that the average Shiba Inu whale holding increased by almost 1.5% over the last 24 hours.

While it is easy to panic and wonder if maybe the whales know something retail investors and shrimp don't, it is important to consider the possibility that these whale transfers are merely exchanges shifting their reserves from one wallet to another.

Shiba Inu Price Analysis

Shiba Inu is one of the cryptocurrencies that took the worst hits in the 2022 bear market.

According to data from CoinMarketCap, the cryptocurrency has fallen by more than 70% from its all-time high in November 2021 amid the FED rate hikes and the crash of several crypto ecosystems that dominated 2022.

CoinMarketCap data also shows that the cryptocurrency is doing relatively well from intra-day and weekly perspectives. At the time of writing, Shiba Inu is up by 1.59% over the last day and trades at $0.0000093.

On the chart, however, it is clear that Shiba Inu is trading inside a descending channel that has remained valid since late August.

<em>Chart showing the price action of SHIB in a descending channel | Source: TradingView</em>
Chart showing the price action of SHIB in a descending channel | Source: TradingView

After hitting the channel's top in late August, the cryptocurrency trended downwards. The FTX crash in early November accelerated its trend to the bottom of the channel.

By the tie the effects of the FTX crash subsided, the cryptocurrency had hit the channel's bottom at around $0.00083.

However, in the struggle to trend to the channel's top again, Shiba Inu is now facing resistance around the $0.00001 zone.

<em>Chart showing the possible price movement on Shiba Inu | Source: TradingView</em>
Chart showing the possible price movement on Shiba Inu | Source: TradingView

This resistance is especially important because if the bulls cannot break it to the upside, the bears are bound to take advantage of the bullish weakness and sink the cryptocurrency's price again to the bottom of the channel around the $0.000007 zone.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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