According to OnchainDataNerd, a Shiba Inu (SHIB) whale delivered 100 billion tokens to Coinbase, totaling around $2.24 million. The migration of assets from wallets to exchanges is considered harmful since it puts more selling pressure on the market. The whale may aim to sell the tokens for a profit.
Nonetheless, selling $2.24 million of SHIB may not significantly impact the asset’s price. SHIB continues to trade in the green, up 1.4% on the daily chart, 1.7% on the 14-day chart, and 6.6% over the preceding month. However, it has experienced a 0.5% drop in the past week.
Another Adjustment for Shiba Inu (SHIB)?
The crypto market has been relatively stable over the last few days. High inflation and diminishing prospects of an interest rate cut may have contributed to investor sentiment deterioration. Nonetheless, we may see favorable price activity over the next few weeks.
According to CoinCodex, SHIB’s price could reach $0.00004281 by the end of the month. Hitting $0.00004281 from present levels would result in approximately 79% growth.
Furthermore, CoinCodex expects SHIB to continue climbing in June, reaching $0.00008009 on June 11, 2024.
Reaching $0.00008009 from current prices represents approximately a 235% increase. If SHIB reaches $0.00008009, it may recapture its all-time high of $0.0008616, set on October 28, 2021.
In the coming weeks, Changelly also predicts a bullish trend for Shiba Inu (SHIB). The platform believes SHIB will reach $0.00005101 before the end of this month. Changelly expects SHIB to continue its surge in June, reaching $0.00007734 on June 8, 2024.