According to data from Arkham Intelligence, three new wallets have moved 184 billion Shiba Inu (SHIB) tokens from Binance and Coinbase. The value of the tokens is about $4.9 million. On-chain data further confirms that the wallets in question do not have any prior transaction history.
The transfer could be due to SHIB’s falling price over the last month. The investors may have changed their minds about selling, deciding to hold till prices rebound. However, it is also possible that the SHIB belongs to an exchange that is reshuffling its holdings.
Also Read: Shiba Inu: $0.001 Price Incoming As Trading Volume Gains Traction In India.
Shiba Inu (SHIB) has faced a significant price correction over the last few weeks. The asset is down 2.2% in the daily charts, 12.7% in the weekly charts, and 31% over the previous month. However, the popular dog-themed cryptocurrency is still up 133.5% since April 2023.
Will Shiba Inu (SHIB) rally soon?
The movement of tokens from exchanges is a bullish sign as it reduces sell pressure. If the tokens are not on an exchange, there is a lower chance of them being sold.
According to CoinCodex, Shiba Inu (SHIB) could enter a bullish phase this month. The platform anticipates the dog-themed crypto to hit a new all-time high soon, reaching $0.00008917 on May 1, 2024. Reaching $0.00008917 from current levels would translate to a growth of about 236.2%
Also Read: Shiba Inu Predicted to Rally 350% to $0.00009: Here is When
Changelly also paints a bullish picture for SHIB over the next few weeks, predicting the asset to hit a new all-time high by the end of this month. According to the platform, SHIB could reach $0.00009025 by April 30, 2024.
Moreover, Bitcoin (BTC) will undergo its next halving later this month. The event could trigger a market-wide rally, pushing SHIB even further than predicted.