SHIB/USDT: Fantastic Price Increase, Departed Whales Starting to Return?

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Bittime  - Shiba Inu (SHIB ) holdersare enjoying a fantastic surge in profits. Amid the broader market rally, the second-largest meme coin, Shiba Inu (SHIB), surged 118% for the week, reaching levels not seen since May 2022, according to CoinMarketCap. 

This price increase resulted in a sharp increase in the network's overall profitability. At the time of writing, SHIB holders have average unrealized profits of more than 31%, based on analysis of Santiment data by AMBCrypto.

Whale Shiba Inu (SHIB) Coming Out of Hiding?

Big investors, also known as “whales” in the crypto world, are attracted by the potential for high profits.

According to a recent post by on-chain analytics firm Scopescan, a “whale” deposited 365.36 billion SHIB tokens, worth nearly $7.4 million at market price at the time of writing, to crypto exchange Binance (BNB). 

Typically, large inflows to an exchange indicate an intent to sell. The “whale” in question had accumulated SHIB tokens three months ago at a much lower price. With the latest sales, he expects to make a profit of around $4.5 million.

However, this is not an isolated incident. Overall whale transactions jumped drastically on March 2, as seen in the Santiment chart below. In fact, the number of transactions of 1791 was the highest since the peak phase of the November 2021 bull market. 

After the spike in transactions, addresses belonging to large “whales” fell significantly, indicating that many of these players took advantage.

Shiba Inu (SHIB) 

Inactive supply becoming active again is another interesting aspect of the rally. A total of 22 trillion SHIB tokens that had not moved for more than a year were traded on March 2. The movement of this previously inactive coin reflects the state of optimism towards SHIB.

Meanwhile, the SHIB market is entering an "Extreme Greed" phase, notes AMBCrypto using Hyblock Capital data. This could potentially pave the way for stronger accumulation in the future, thereby pushing the SHIB price higher.

Shiba INU (SHIB) Price Movement Analysis

Shiba Inu (SHIB) Price Today

Source: Bittime.com

On March 4, 2024, the price of Shiba Inu (SHIB) was at $0.00002364 or the equivalent of IDR 0.37 per coin, up 6.49% in 24 hours, 139% in the last week and 152% in the last 30 days.

• SHIB's latest rally was driven by a combination of factors, including overall positive market sentiment and significant “whale” activity.
• While there are indications some “whales” are taking profits, the movement of previously dormant coins suggests that there are also new investors entering the market.
• A detected “Extreme Greed” phase could be a sign of continued volatility in the future. It is important for investors to be careful and manage their risks wisely.

Also Read How to Buy Crypto:

Conclusion

The recent surge in SHIB prices reflects the potential and continued investor interest in this meme coin. While the “whale” movement and “Extreme Greed” phase may raise concerns, the underlying fundamentals, such as the movement of inactive coins, offer an optimistic outlook going forward. Investors should conduct their own research and consider risk factors before making an investment decision.

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How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell  Shiba Inu (SHIB)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB)  is available on Bittime with  the market pair SHIB IDR .  To be able to buy  SHIB IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Shiba Inu Coin (SHIB) on Bittime . 

Monitor the  price chart movements of Shiba Inu Coin (SHIB),  Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.