Bittime - The crypto is once again enlivened by the Shiba Inu (SHIB). This time, attention was drawn to the transfer activitytokenson the Crypto.com exchange.
According to data from Etherscan, Crypto.com just moved 2 trillion SHIB tokens between their own wallets. This amount is equivalent to $78.5 million and is the largest SHIB movement ever recorded.
Analysis from Arkham Intelligence reveals that active Crypto.com wallets now hold a total of 2.979 trillion SHIB tokens, with a total value exceeding $100 million. This surprising transfer indicates that more than two-thirds of Crypto.com's SHIB holdings have been transferred today.
A recent report on CoinMarketCap even put Crypto.com's SHIB holdings at 4.3 trillion tokens, worth nearly $150 million. This figure is certainly much more significant.
SHIB Price Increase and the Mystery Behind Large Transfers
This large transfer of SHIB coincided with a 4.2% increase in the price of the token. SHIB, which has been on the rise since early March, is now trading at $0.000035. This marks an incredible increase of 174% since the start of the year.
Despite inevitable price fluctuations, SHIB is still firmly in the top 10 crypto assets with a market capitalization of $20.3 billion.
SHIB fans are now speculating about the reasons behind this big transfer. Is this just Crypto.com's internal asset movement, or is there another strategy behind it? The possibilities that arise range from reorganizing assets to preparing to take advantage of future price fluctuations.
Check Today's Crypto Market:
High SHIB Transfer Activity: Impact on Price?
In addition to Crypto.com's large transfer, data shows overall SHIB transfers reached 3.7 trillion tokens in the last 24 hours. This high transfer volume has sparked questions about its impact on SHIB's future performance.
Large transactions are often interpreted as position movements by large investors. This could be a signal of preparation for a market maneuver, such as a price pump or a large sell-off, which could affect the value of SHIB.
For example, a transfer from an exchange to a hot wallet may indicate an investor is moving SHIB to a safer storage location, indicating a long-term investment strategy.
On the other hand, a transfer to an exchange could be a signal of intent to trade or sell SHIB, thereby increasing market liquidity.
Viewed from a technical analysis point of view, SHIB price movements show high volatility and great speculative interest.
The TradingView chart shows SHIB trading with a strong support level around $0.000020. This area previously proved to be a rebound point for SHIB price increases.
Meanwhile, the resistance level is around $0.000035, an area where the previous price increase failed to continue.
The recent surge in transfers has not had a significant impact on the SHIB price, which is still moving within a familiar range. However, given SHIB's history of rapid and unpredictable price movements, as well as high transfer volumes, the potential for a change in price direction cannot be ruled out.
If the support level fails to hold, SHIB could return to lower levels. This could potentially put weak investors out of business and pave the way for a new price discovery phase for SHIB.
Also Read: Shiba Inu (SHIB): Getting to Know Competitor Memecoin Dogecoin
Should you invest in Shiba Inu?
The recent high price movements and transfer activity of SHIB have certainly attracted the attention of investors. However, before deciding to invest, it is important to understand the risks and opportunities that exist.
Shiba Inu belongs to the meme coin category, a crypto asset whose value is often driven by trends and speculation. Unlike Bitcoin or Ethereum which have clear technology and utility, SHIB's value depends on market and community perception.
Although SHIB has recorded fantastic price increases in the past few months, its value is also prone to sharp declines. Investors considering SHIB must have a high risk tolerance and should allocate investment funds proportionally (diversification).
SHIB Fundamental and Technical Analysis
Apart from trend and speculation factors, there are several things to consider when analyzing SHIB:
- Community : SHIB has an active and supportive online community. This could be a driving factor for long-term growth.
- Utility : SHIB developers are working to develop the token's utility within their ecosystem. This may increase the intrinsic value of SHIB in the future.
- Overall Crypto Market : SHIB's performance will also be affected by overall crypto market trends and conditions.
Technical analysis can help investors understand SHIB price movements in the short term. Investors can use technical indicators to identify support and resistance levels, as well as price movement momentum.
Also Read How to Buy Crypto:
Conclusion
Shiba Inu is a crypto asset that is high risk but has the potential to offer large profits. Investors interested in SHIB should conduct in-depth research, understand the risks involved, and not invest with funds they cannot afford.
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 (SHIB) on Bittime .
Monitor the price chart movements of Shiba Inu (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 solicitation 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.
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