Shiba Inu has been making headlines recently as the release of the Shibarium upgrade was teased by Shytoshi Kusama three days ago. But it may not work well outside the ecosystem. Recently, Whale Alerts noted several multi-billion SHIB transactions by BINANCE to an unknown wallet.
These recent transactions came after the Voyager altcoin transfers which included over 270 billion Shiba Inu coins worth over $3 million. This is particularly troublesome for investors as it may create a negative mood over the next few weeks.
?? 499,999,677,307 #SHIB (6,054,996 USD) transferred from #Binance to unknown wallethttps://t.co/dXryRVbASQ
— Whale Awareness (@whale_alert) February 3, 2023
Binance’s Transactions: What Are They For?
According to Whale Alerts’ recent tweets, the 6.4 trillion SHIB transfer happened in 14 separate transfers with six 499 billion SHIB transfers, two 450 million SHIB transfer, and a single 370 million SHIB transfer.
However, as it is only a question of transfers, the price of the shib was not affected. However, it is always a situation that the community is concerned about. This is not the first time this week huge quantities have been transferred from the same room.
Voyager transferred 270B $SHIB($3.2M) to #Coinbase, #Kraken and #BinanceUS 7 hrs ago.
And still holds 6.8T $SHIB($82M) now.https://t.co/26spZXEvwU pic.twitter.com/iBojI3rb0W
— Lookonchain (@lookonchain) February 2, 2023
Lately, Voyager has transferred 270 billion shiba. Inu that, if sold on the free market, could exert downward pressure on the price of the token. If transfers are only transfers, the community should be convinced that shib can be sustainable over the long term.
External as well as internal developments. Empower Bulls
As it currently stands, the token is surrounded by hype around its Shibarium L2 scaling solution and FCF’s added support of SHIB just this week. This certainly would have an effect on SHIB’s price, which shows an impressive 17.7% uptick in the weekly time frame.
Shiba inu shipments should not disturb bulls.
The current mega transfers from Shiba Inu to the stock markets do not appear to put investors in an awkward position. At the time of writing, the token trades at $0.00001383, a breakout above its present strength at $0.00001226. This latest breakthrough may give the bulls a push needed to consolidate and finally reverse this resistance in support.
However, we must not make light of the situation of mega transfers. In the two major transfers, this represents a total of $77 million that, if placed on the market, could cause more difficulties at any time.
SHIB total market cap at $7.5 billion on the weekly chart | Chart: TradingView.com
Image: DailyCoin
But today's progress is definitely welcome for the Shiba Inu bulls. Hype's greater usefulness in the real world for the token maintains the current bullish momentum. In the short run, investors and traders could confidently target the chip's resistance of $0.000014.
However, we must also proceed with caution. With major cryptocurrencies slowing down after smashing through their respective resistances, the token might experience a slowdown in momentum as well. Investors and merchants should initially consolidate above $0.00001,226 and then aim for $0.000014 over the long term.
Main Picture: The Motley Fool.