Whale Purchases $38 Million Worth Of SHIB, A Rebound On The Horizon?
August 21 2023 - 4:30PM
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Shiba Inu (SHIB) token has witnessed high-value transactions again,
leading to intrigue among its community. As significant amounts of
SHIB change hands, many wonder if these moves signal a forthcoming
positive shift in its market position or a rebound, as the asset is
currently in a downtrend. Whale Alert, a renowned blockchain
tracking platform, disclosed that a transaction of 4.65
trillion SHIB tokens, equating to approximately $38.39 million,
moved from Bitvavo to an unidentified wallet. 🚨 🚨 4,653,778,173,637
#SHIB (38,391,343 USD) transferred from #Bitvavo to unknown
wallethttps://t.co/KFZzJIvU5q — Whale Alert (@whale_alert) August
21, 2023 High-Value Transactions Coincide With Shibarium’s
Developments It’s worth noting that this isn’t an isolated event. A
similar transaction occurred just a day prior, where an almost
equivalent amount of 4.6 trillion SHIB tokens (around $38.70
million) was transferred from one undisclosed wallet to another. 🚨
🚨 4,669,778,173,637 #SHIB (38,707,791 USD) transferred from unknown
wallet to unknown wallethttps://t.co/c6LPXZFq2h — Whale Alert
(@whale_alert) August 20, 2023 These high-value transfers correlate
with the start of Shibarium, the Ethereum-based layer-2 blockchain,
which has been the cause of a spike in SHIB transactions. The
surging activity, especially after introducing the Shibarium
blockchain, naturally raised eyebrows within the Shiba Inu
community. Related Reading: Shibarium Launch Saga: Block Production
Resumes Despite Stuck ETH To address rising concerns about the
safety of assets, the Shiba Inu team came forward in its “All Is
Well” blog post, offering clarity on the technical issues, and
emphasizing the security of the users’ assets. SHIB Rebound On The
Horizon? While it’s undeniable that there may be growing attention
on Shiba Inu, especially after these whale activities and the
Shibarium blockchain’s developments. It may be too soon to forecast
the exact trajectory SHIB will take. However, analyzing the
Shiba Inu price chart suggests there could be a potential rebound,
though it might not be imminent. On the 4-hour chart, Shiba Inu
displays a pronounced downward wick. This indicates the presence of
more liquidity in this downside range, which could suggest further
decline as market makers may seek to capture this liquidity. To
clarify, a wick refers to the thin line/vertical line above or
below the main body of a candlestick. The wick represents an
asset’s highest and lowest prices during a specific time frame,
such as the candle marked above. Related Reading: How High Can
Shiba Inu (SHIB) Rise When Shibarium Restarts? Regardless of the
above analysis, significant whale purchases highlight the
commitment of Shiba Inu’s investors. Such activities underscore
their interest in adding to their SHIB holdings. This growing
attention on SHIB is especially noteworthy given its recent
Shibarium project launch. Featured image from Unsplash, Chart from
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