Shiba Inu (SHIB) Price Prediction: SHIB Dips 8% as Whale Transfers 4 Trillion Tokens

For nearly two weeks, memecoins and the broader crypto markets have seen a sustained uptrend. However, the past 24 hours saw a drastic shift in this trend, with most crypto declining on daily charts.

Memecoins and the broader crypto market have seen a sustained uptrend for nearly two weeks now. However, the past 24 hours saw a drastic shift in this trend, with most cryptos declining on the daily chart.

Top memecoins like Shiba Inu [SHIB] have seen a sharp decline amid this shift. At the time of writing, SHIB was trading at $0.0000237, marking a 7.77% decline on the daily chart.

Before this, SHIB had been on an upward trajectory, rising 23.08% on the weekly chart and 32.12% on the monthly chart.

This decline, though not an isolated case, raised questions about the possible factors pushing prices down. One factor that stood out was a massive transfer by a whale.

Whale transfers four quadrillion SHIB tokens

Whale Alert noticed that one wallet transferred a massive four quadrillion SHIB tokens, valued at $99 million, to another unknown wallet.

This transaction sparked a lot of speculation within the SHIB community. Typically, when large holders make transfers, it creates anxiety in the market, especially among retail traders who fear a mass sell-off. This is because such transfers can lead to volatility in the market.

Impact on the price charts

As expected, the memecoin saw a decline over the past day. This arises from the overall market sentiment as it seems to shift from highly bullish to cautious or slightly bearish.

This shift can be seen, especially with increased Large holder outflow. According to IntoTheBlock data, SHIB’s large holders increased their outflow to hit a three-month high of 10.55 trillion tokens.

This suggested that larger holders were selling their assets, signaling their need to maximize profits to avoid losses if the price declines further.

Shiba Inu’s total active addresses also decreased from 30.1k to 18.96k over the past week. Such a drop signaled that the interest in the memecoin was waning.

Hence, the reduced address activity indicated a shift in market sentiment with fewer participants involved, and it’s an early warning of a potential further decline.

Finally, Shiba Inu’s exchange supply was continuously increasing and settled at 146.08 trillion tokens. This further showed that investors were keeping their assets on exchanges where they could sell easily.

In short, SHIB was seeing a short-term shift in market sentiment. Though not an isolated case, the memecoin could see some more decline, especially in the short term to find support around $0.000022.