Shiba Inu Faces Huge Selling Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

Shiba Inu, the second largest meme coin, has been leading the price for the past 30 days, with a marked decline in the past seven days. On-chain data shows that this decline may continue in the short term as sales pressure continues to increase. Some of the Shiba Inu’s top managers have recently moved billions of SHIB in actions that may indicate an upcoming sale, with 4.92 trillion SHIB transferred to cryptocurrency exchange Coinbase.

On-chain data suggests significant sales pressure for SHIB

Most of the major market coins have seen a drop in price in the last 24 hours. Bitcoinfor example, it dropped from over $70,000 and lost over 2% yesterday to extend its 7-day loss to over 5%.

This, in turn, led to a corresponding drop in the price of major altcoins, with Ethereum and decreased by about 5%. This sudden move in the cryptocurrency market was largely influenced by the monthly US Jobs report which was released yesterday by the Department of Labor which revealed a rising unemployment rate in the US.

Shiba Inu was not left out of this price drop, as the price action shows that the price of the crypto dropped up to 10% yesterday. In a recent social media post by OnchainDataNerd, a major transaction monitor noted the deposit of 4.29 trillion SHIB tokens on Coinbase via 10 whale wallets. At the time of the transfer, these tokens were worth approximately $97.33 million. A large transfer to Coinbase means that whales now have an easy way to withdraw their collateral, which could introduce new selling pressure to the market.

OnchainDataNerd also pointed out that the pattern of transactions from these whale wallets may indicate that they are under the control of the same entity. The tokens were collected in two separate periods in September 2021 and March 2024, with an average entry price of $0.00001309. With SHIB now trading above $0.000022, the total token sale will generate a profit of 41.22 million whales.

In the last 5 hours, 10 bags have been loaded for 4.29T $SHIB (~$97.33M) to #Coinbase

The 10 wallets above have similar movements:
✅ Those $SHIB collected in 2 different periods: Sept 2021 and March 2024
✅The average entry is $0.00001309 👉 profit will be $41.22M if all sold at current price pic.twitter.com/CYsMhYkgfc

— The Data Nerd (@OnchainDataNerd) June 11, 2024

Shiba Inu Price Needs Buyers To Rebond

At the time of writing, SHIB is trading at $0.00002217 and is down 15.10% over the past seven days. The cryptocurrency has tested support at $0.00002117 twice in the last 24 hours and is vulnerable to further declines amid selling pressure. In order for the price of the Shiba Inu to rise again in the face of heavy selling pressure, there needs to be enough buyers to absorb the oversupply.

On the other hand, a the recent explosion in the number of Shiba Inu cremations suggests that the selling pressure may end soon. This increase in SHIB’s burn rate represents a 68,000% change in the last 24 hours. Although short-term price action may be negative, i a long-term vision he still looks optimistic. According to the commentator, Shiba Inu set to skyrocket to $0.00024, marking a 1,100% increase from the current price level.

The featured image was created with Dall.E, a chart from Tradingview.com