Based on a Whale Alert announcement via X, 2,542,712,471,794 Shiba Inu (SHIB) were sent from an unknown wallet to Coinbase Institutional, worth about $31,651,684 USD.
Moving a large number of SHIB tokens to Coinbase Institutional indicates that bigger investors and institutions are involved in the transaction. As a result, there might be an increase in demand from large token holders, known as whales, and this usually plays a part in affecting prices.
If a large number of investors buy the token, it could lead to a higher price. If other market conditions are positive, SHIB’s price could also rise. So, traders should monitor the situation as it may help them profit over the short term.
Some investors may decide to explore Shiba Inu further if they believe it can be a useful addition to their portfolio in the future. With Coinbase involved in the transfer, it could heighten the coin’s trustworthiness.
With a mystery surrounding the wallet and its owner, there is a chance that a major crypto investor is selling some of their assets. Monitoring how the market responds over the next few days could teach valuable lessons about supply, demand, and the impact of big transactions.
While risks remain, prices can swing both ways. But the potential for gains makes the trend worth watching.
Shiba Inu shows a slight rise in value
TradingView’s chart for the 4-hour timeframe reveals that SHIB rose slightly and is currently trading at 0.000012482, an increase of just 0.10% over yesterday’s price.
Traders showed their even interest by recording 3.6 billion SHIB in the past 24 hours.
With an ADX indicator of 27.19, the trend for this token was slightly strong. At the same time, the MACD barely changed, and its histogram was at a small loss that rested very close to zero.
This signals that the token’s market is not heavily tilted in favor of the bulls or the bears for now. With no big changes in SHIB’s price, it indicates that it is consolidating for now.
The value of the RSI stands at 40.97, slightly crossing over the neutral level at 37.73. This means, that Shiba Inu can still gain value before being in the oversold area.
Knowing the position of the RSI gives traders the chance to decide if they should stay out of the market or plan their next action.
