As of now, the overall cryptocurrency market is experiencing massive downside momentum. Amid this downturn, investors are confused about making their decisions. Some are dumping, while others are looking at this massive price drop as an opportunity and are heavily accumulating. On June 24, 2024, a blockchain transaction tracker Whale Alert made a post on X, reporting that a whale transferred a massive 1.08 trillion Shiba Inu (SHIB) tokens worth $18.36 million to Binance from an unknown wallet.
Whale dumps transfer massive 1.08 trillion SHIB to Binance
This massive SHIB transfer to Binance highlights a potential bearish sentiment among investors and institutions. Besides SHIB’s potential dump on Binance, in the last hour, a whale also transferred a significant 23,185 Ethereum (ETH) worth $77.31 million to Coinbase. Both tokens being transferred from unknown wallets to exchanges highlight the potential for an upcoming market dump.
Following this massive token transfer, SHIB experienced a price drop of 7.5% and is currently trading near $0.0000166. Over a longer period, in the last 7 days, it has experienced a price drop of 17%. In the last 30 days, SHIB has seen a price fall of 31%. It has been observed that following this massive price drop, the 24-hour trading volume has surged by 103%.
This massive surge in trading volume highlights a large number of investors’ and traders’ participation in SHIB tokens. Besides the 24-hour trading volume, the open interest (OI) also dropped by 6%, signaling lower investor interest.
Shiba Inu’s technical analysis and key levels
According to expert technical analysis, SHIB is looking bearish as it is below the 200 Exponential Moving Average (EMA) and 50 EMA on a daily time frame. After breaking down major support levels, SHIB fell more than 20%, and there is also a chance that it could fall an additional 7% to $0.0000155 in the coming days.
Besides the massive price drop in the SHIB token, the overall cryptocurrency market is down by 3.1%. Top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), experienced a price drop of 4.5%, 4.7%, and 4%, respectively, in the last 24 hours. However, the overall crypto meme industry is down by 6.5%, with top crypto meme tokens like DOGE, PEPE, and WIF experiencing a price drop of 5%, 6.5%, and 5.5%, respectively, in the last 24 hours.
