Shiba Inu Whale Sends 100B SHIB To Exchange: Dip Incoming?

Paigambar Mohan Raj
Source: Watcher Guru

According to OnchainDataNerd, a Shiba Inu (SHIB) whale sent 100 billion tokens, worth about $2.24 million, to Coinbase. The movement of assets from wallets to exchanges is considered bearish as it increases the selling pressure on the market. The whale may intend to sell the tokens and book profits.

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Nonetheless, selling $2.24 million worth of SHIB might not put a dent in the asset’s price. SHIB continues to trade in the greens, up 1.4% in the daily charts, 1.7% in the 14-day charts, and 6.6% over the previous month. However, SHIB has faced a 0.5% correction over the last week.

Source: CoinGecko

Will Shiba Inu (SHIB) face another correction?

The cryptocurrency market has been somewhat stagnant over the last few days. High inflation, along with fading expectations of an interest rate cut, may have played a role in investor sentiment dropping. Nonetheless, we may witness some positive price action over the next few weeks.

Also Read: Shiba Inu: Can SHIB Hit $0.1, If 50 Trillion SHIB Are Burnt Yearly?

According to CoinCodex, SHIB’s price could surge to $0.00004281 by the end of this month. Hitting $0.00004281 from current levels would translate to a growth of about 79%. Moreover, CoinCodex anticipates SHIB to continue rallying in June, hitting $0.00008009 on June 11, 2024. Reaching $0.00008009 from current levels is a rise of nearly 235%. If SHIB hits $0.00008009, there is a possibility that it could reclaim its all-time high of #0.0008616, which it attained on Oct. 28, 2021.

Source: CoinCodex

Changelly also anticipates a bullish trajectory for Shiba Inu (SHIB) in the next few weeks. The platform predicts SHIB to hit $0.00005101 by the end of this month. Changelly also anticipates SHIB to continue its rally in June, hitting $0.00007734 on June 8, 2024.