Market News

Arkham Insights: Shiba Inu Faces Whale Activity Amid Coinbase Price Speculations

In a dramatic turn of events, a significant Shiba Inu (SHIB) whale recently liquidated its entire portfolio of 202.48 billion tokens via Coinbase Prime.

This whale had been accumulating SHIB for two months but opted for a bearish price outlook following a profitable $200,000 trade as of two days ago.

Data from Arkham Intelligence shows that the whale's initial investment was worth around $2.4 million at a price of $0.00001200 per token.

The timing of this sell-off coincides with SHIB approaching its crucial 200-day exponential moving average, a key technical indicator for many traders.

Despite the whale's actions suggesting caution, recent price movements indicate a potential bullish reversal, with SHIB gaining 14.3% over the past week.

Moreover, the trading volumes have spiked by 36% in the last 24 hours, hinting at renewed investor interest amid the fluctuations.

The Relative Strength Index (RSI) has also risen above the midline, supporting a more optimistic outlook for SHIB's prospects.

Analysts believe that SHIB could potentially retest the trend line resistance and aim for a target price of $0.00004567 if bullish momentum continues.

As the meme coin market remains volatile, investors should remain vigilant but not overly concerned about drastic downturns in SHIB's market cap following this whale movement.

With growing interest in meme tokens, the broader market dynamics could favor tokens like Shiba Inu in upcoming trading cycles.