There’s a mystery in the Shiba Inu (SHIB) community. $44.6 million worth of tokens changed hands overnight, and it might be connected to Coinbase. This adds to the speculation about what might happen with the upcoming decision on the Bitcoin ETF.
Whale Alert, a crypto tracker, shared a big event in the crypto world. They noticed the transfer of 4.24 trillion SHIB tokens, which is $44.64 million, from one secret wallet to another. Looking closely at the data, interesting things came up, suggesting something exciting is going on.
The wallet getting the tokens is brand new, according to Ethers can, and hasn’t been used before. On the other hand, the person sending the tokens, while also having a new wallet, has been making big Shiba Inu token transfers for a few days. Interestingly, one of its transactions is connected to Coinbase Prime Custody, a platform that helps clients with trading, custody, and other services.
People are guessing if there’s a link between these unknown wallets and Coinbase, especially considering the timing. The big transfers line up with Coinbase possibly cleaning things up ahead of a decision on Bitcoin ETFs. The idea that Coinbase might play a crucial role in Bitcoin ETFs adds weight to this theory.
Shiba Inu is close to reaching a barrier of 553 trillion SHIB. The question is, can the buyers break through it?
Shiba Inu has managed to stay above $0.00001 for ten days in a row.
Shiba Inu’s supporters are working hard to protect the important $0.000010 price level. Losing it could mean Shiba Inu might have to add an extra zero to its price.
Shiba Inu has stayed steady above $0.00001 since December 20, even after briefly dropping to $0.0000095. Despite attempts by sellers, the price didn’t go below this level, even during the market drop on December 26.
With Shiba Inu holding above $0.00001 for ten days straight, it seems like the supporters want to turn this level into strong support. If successful, it could lead to more positive gains for Shiba Inu.
While the supporters are trying to overcome this challenge, there’s a big hurdle ahead: a barrier of 553 trillion SHIB. If they can surpass this, the price of SHIB could more than double.
According to data from the Block, Shiba Inu is getting close to this barrier. It’s where 553.72 trillion SHIBs were bought by 317,800 addresses at prices ranging from $0.000011 to $0.000027. For these holders to break even, the SHIB price would need to increase within this range.
As of now, SHIB’s price has decreased by 1.98% in the last 24 hours, settling at $0.0000104.
SHIB most traded platform is WazirX
WazirX, an Indian crypto exchange, revealed in its 2023 year-end report that Shiba Inu is among the most traded coins on their platform, following BTC. The top-performing coins by volume include BTC, SHIB, XRP, ETH, TRX, and MATIC.