Is Shiba Inu (SHIBA) experiencing a massive sell-off? 425 billion tokens transferred on Coinbase
Shiba Inu (SHIBA) has gained a lot of attention due to its recent price movements. As per live data, SHIB is currently trading at $0.00000755. Despite its upward trend, it is approaching an important resistance point represented by the 50 Exponential Moving Average (EMA). This sparked speculation about the possibility that certain significant investors, known as whales, could potentially sell their holdings.
The specific transaction under study requires the transfer of 425 billion SHIB tokens from an unknown wallet to Coinbase. While the $3.2 million Amount may not have had a major impact on Shiba Inu's overall liquidity, it does raise questions. Could this indicate a broader pattern in which significant holders, often referred to as whales, actively divest their assets?
The timing of this transaction has a very interesting aspect. Shiba Inu has surged in line with the broader cryptocurrency market, but is currently facing resistance. The 50 Exponential Moving Average (EMA) Level is positioned as a critical point for the immediate price trajectory of the token. If the SHIB is unable to surpass this level, there is a possibility of a trend shift, potentially initiated by substantial holders, such as whales, engaging in a selloff, like the recent transactions we observed.
