The Shiba Inu (SHIB) community is buzzing after a series of massive transactions totaling nearly $100 million landed on leading cryptocurrency exchange Coinbase on July 11, 2024. This movement of 4.29 trillion SHIB coins, originating from ten different dormant crypto wallets, has sparked debate and speculation.
Blockchain sleuths like The Data Nerd have identified two distinct accumulation phases for these wallets: September 2021 and March 2024. With an average purchase price of $0.00001309 per SHIB, a potential profit of over $41 million exists if sold entirely. This scenario has some crypto enthusiasts on forum X worried about a possible price dump.
Analyst Sees Bullish Future
However, veteran crypto analyst Coach K Crypto offers a contrasting perspective. He highlights the current timeframe’s resemblance to Shiba Inu’s initial surge between September 2021 and April 2022, which saw the token reach its all-time high of $0.00008616. Coach K Crypto interprets this as a potential bullish signal, advising investors to “Touch Grass” (disconnect and relax) and “spend time with loved ones” before the anticipated bull run.
While SHIB has dipped over 15% in the last week, it maintains a 229% year-over-year increase, showcasing consistent growth. This resilience stands in contrast to the typical interpretation of large deposits on exchanges like Coinbase, which often signal selling intent.
Positive Signs for SHIB Network
Further bolstering the bullish case, blockchain research platform IntoTheBlock reports a positive uptick in Shiba Inu‘s large holder concentration, transaction volume, and network growth. These metrics suggest a healthy and engaged community behind the meme coin.
Shiba Inu: A Top Contender
With its position as a top 10 cryptocurrency and a strong challenger to Dogecoin’s dominance, Shiba Inu’s future remains intriguing. The recent large transfer, though shrouded in mystery, might not be the harbinger of a price crash as some fear. Instead, it could be a strategic move by whales (large investors) positioning themselves for the next potential bull run. Only time will tell how this story unfolds, but one thing is certain: Shiba Inu continues to be a major player in the ever-evolving cryptocurrency landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
