A massive transfer of 144 billion Shiba Inu (SHIB) tokens worth approximately $1.293 million was detected on Binance and caught the attention of the cryptocurrency community.
144 Billion SHIB Transferred to Binance
The transfer has sparked speculation about the intentions behind this move and its potential impact on the token's price performance.
SHIB has demonstrated significant price flexibility, maintaining its position despite broader market fluctuations.
This transfer could indicate a variety of strategic moves by the token holder, from redistributing assets across accounts for security reasons to preparing for a major sale or even shifting tokens for staking or liquidity in decentralized finance (DeFi) protocols.
With the decline in Bitcoin in recent hours, whales may also be selling altcoins. Although the general outlook in SHIB remains positive, it should not be forgotten that there may be some withdrawal after such transfers. For this reason, investors who engage in leveraged transactions are recommended to be extra careful.
On the other hand, SHIB is trading above a key support level and the 200-day Moving Average (EMA) appears to be acting as a dynamic support that could encourage a recovery.
Trading volume is consistent and the Relative Strength Index (RSI) is trending in a neutral zone confirming neither overbought nor oversold conditions. This suggests that the rally may continue if market sentiment remains positive and buying pressure continues.
*This is not investment advice.
