Shiba Inu News: Whale Activity Surges as 6.5 Trillion SHIB Moved to Exchange

The cryptocurrency market is tumultuous, and behind a series of astronomical SHIB transfers, is it a selling signal from whales or routine operations by market makers?

In the past 24 hours, over 80 million dollars worth of 6.59 trillion SHIB has been transferred from a mysterious wallet to a centralized exchange, causing a stir in the crypto community.

The blockchain tracking platform Whale Alert has continuously monitored three large transfers exceeding 20 trillion SHIB, all destined for Coinbase Institutional. Data shows that the sending address “0x2E2A” completed this batch of large transfers to the Coinbase custody wallet address “0x46E5”.

This is not an isolated incident. About 7.5 trillion have occurred this week. Shiba Inu Inflowing to Coinbase Institutional, these assets all originate from BitGo custodial accounts.

Whale awakens, massive SHIB fluctuation

The blockchain world is never short of dramatic moments. At the beginning of June, a series of astronomical SHIB transfers left the entire crypto community breathless. Within 24 hours, 3.2 trillion SHIB worth 43.6 million USD was transferred into a Coinbase institutional wallet.

In-depth investigation reveals part of the mystery: these sending addresses are not entirely “unknown”, but are associated wallets of the well-known market maker Wintermute. More importantly, this is just the tip of the iceberg.

Wintermute has transferred a total of 650 trillion SHIB (worth 80.2 million USD) and 32,650 ETH (worth 82.38 million USD) within 24 hours. All assets came from BitGo custody accounts, and industry insiders analyze that it may be a routine operation for market makers to adjust their positions.

Another dormant wallet “0x6E45” that has been inactive for three years suddenly awakened, transferring 10 billion SHIB to Binance and cashing out $311,000. If this address sells at the historical peak of SHIB ($0.00008845), the theoretical profit could reach $2.7 million.

The market performance is weak, and key support levels are under pressure.

Despite frequent on-chain movements, SHIB’s market performance still appears sluggish. As of the time of writing, SHIB price Price: 0.00001223 USD, 24-hour decline: 4.33%, year-to-date decline has widened to 42.14%.

The technical aspect shows a tug-of-war pattern between bulls and bears:

• The 50-day moving average is at 0.0000139 USD, and the current price is running below it.
• The 200-day moving average constitutes a medium to long-term resistance level, located at 0.0000160 USD.
• Trading volume has continued to shrink since the peak in early May.

Key positions have become the focus of long and short contention. If the price can stabilize at 0.0000125 and break through the 0.0000140 resistance, it may trigger a new wave of buying; conversely, if it fails to hold the 0.0000125 support, it could open up space to fall towards 0.0000100.

Positive signals are emerging

Beneath the seemingly sluggish surface, several positive signals are quietly emerging.

The number of on-chain holders has reached a historic high of 1,510,290 wallets, an increase of nearly 3 million since the end of May. The expansion of the holder base provides a more solid community foundation for SHIB.

The token burn rate has recently skyrocketed. Data shows that in the past 24 hours, the SHIB burn rate surged by 863.58%, with a total of 107,081,056 tokens burned, and a cumulative burn of 368,456,226 tokens last week. This deflationary mechanism increases scarcity by reducing the circulating supply, which may improve the supply-demand relationship in the long term.

The report from on-chain analytics company Santiment brings more optimistic expectations. The MVRV ratio of SHIB has dropped to -19.1%, the lowest among mainstream cryptocurrencies, indicating that it is severely undervalued and has a higher probability of a short-term rebound.

Market divergences are intensifying; where will it go from here?

The current market outlook for SHIB shows a clear divergence. Some analysts warn that the meme coin sector as a whole is showing signs of fatigue, with both SHIB and DOGE displaying “fatigue signs” and retail interest weakening.

IntoTheBlock data shows that 50,590 addresses purchased 45.78 trillion SHIB in the price range of $0.000023 to $0.000025, with an average cost of $0.000024. The competition between bulls and bears at this key price point will determine the short-term direction.

Nevertheless, the SHIB community “ShibArmy” still maintains a high level of activity. The #SHIBMemes topic on Twitter leads in clicks compared to other meme coins, and while discussions on Reddit and Discord have decreased, they still maintain a basic level of enthusiasm.

Outlook and Strategy

Shiba Inu is at a critical turning point. In the short term, it is essential to focus on the breakout situation at the support level of $0.0000125 and the resistance level of $0.0000140. If the resistance is successfully broken with increased trading volume, it may initiate a new round of market movement.

For holders of different investment styles:

• New investors: It is recommended to adopt a small-scale trial-and-error strategy, allocating no more than 1%-2% of idle funds to SHIB, gradually accumulating positions at key support levels, and setting strict stop-loss orders.
• Long-term holders: moderate accumulation can be made in the range of 0.0000120-0.0000125 USD, while paying attention to the progress of the Shibarium Layer 2 network and signals of fundamental improvement in the NFT ecosystem.

The MVRV metric from Santiment shows that SHIB is severely undervalued. Although the technical aspect is bearish, the number of on-chain holders has reached a new high, and market divergence suggests that volatility may intensify. The shrinking trading volume and reduced Whale activity indicate that the market is in a wait-and-see mode, awaiting new catalysts to emerge.