- A wallet labeled GnosisSafeProxy moved 3.36 trillion SHIB worth $51.15M to an unknown address, leaving its balance at zero.
- Shiba Inu price surged 4.30% intraday and primed for a significant recovery.
Since hitting a local high of $0.00003300, Shiba Inu (SHIB) has struggled to maintain strength. Additionally, it continued to undergo bearish movements.
Amidst the broader crypto market selloff, the Shiba Inu price has slipped below its key EMAs. Moving ahead, the token retraced to hit a local low of $0.00001200. However, the memecoin found significant liquidity and bounced off, recovering more than 10% in the last three sessions.
At press time, Shiba Inu coin price was trading at $0.00001617, exhibiting a rise of over 4.30% in the past 24 hours. Its market cap stood at $9.52 Billion, ranking 16th in the crypto market.
Are Whales Driving the Market? A Look at Recent Activity
According to Whale Alert, the Blockchain address GnosisSafeProxy shifted 3.36 trillion Shiba Inu tokens to an anonymous wallet. It was worth $51.15 Million.
However, the receiving wallet now possesses 3.36 trillion SHIB tokens, representing its largest financial asset. This wallet contains both SHIB and ETH tokens valued at $35.2 million. This significant, unexplained transaction creates market speculation about expected market transformations.
Recent data showed that SHIB whales continue to actively participate in buying activity. This way, they validated the transaction pattern identified in the market. An undisclosed wallet at the Kraken exchange withdrew 1.23 trillion SHIB earlier.
These actions performed by whales imply an intent to maintain their assets for the long term because they refrain from immediate selling. This year, large institutional investors acquired 6.33 trillion Shiba Inu. At the same time, in February alone, they brought 840 billion new units to their portfolio.
Whales actively purchase strategically in the market to show increasing confidence that SHIB will receive positive price changes.
On-Chain Metrics Signals Bearish Projections
The Balance by Time held metric is an indicator used to measure short-term holder behavior. This metric tracks how many investors buy into cryptocurrency. On the other hand, it monitors the number of participants who sell the assets.
Typically, a decline in the metrics highlights a bearish sign. Over the past month, the number of SHIB short-term holders has decreased significantly. The decline in short-term holders signals waning investor confidence in the token.
This trend also suggested rising selling pressure as investors offload their positions amid market uncertainty.
SHIB Price Prediction: Is a Recovery Around the Corner?
Per the daily timeframe analysis, the Shiba Inu price action highlighted a base formation around the $0.00001200 mark. Following a quick selloff from the upper trajectory, the Shiba Inu coin price faced a panic selloff and revisited the demand zone.
A recent post on X by Globe Of Crypto highlighted that the Shiba Inu price chart formed a falling wedge pattern. Moreover, a possible upward move was around the corner.
In case of a break above the trendline barrier of $0.00002000, an upside toward $0.0000300 could be seen in the short term. A break below the immediate support zone for the Shiba Inu price of $0.00001200 could pave the way for a potential decline toward $0.00001000.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of monetary loss.
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.