After watching the SHIB price stagnate around the $0.000008 range, Shiba Inu whales started making moves behind the scenes. Will the SHIB price speculation tilt the momentum in favor of the bulls?
This week, a flurry of whale transactions has sparked intense price speculation within the Shiba Inu ecosystem. Can the bulls soak up the pressure in anticipation of the Shibarium mainnet launch?
Mystery Shiba Inu Whale Triggers Price Speculation After Moving 2.4 Trillion SHIB
A mystery Shiba Inu whale has triggered intense price speculation across the SHIB ecosystem. On July 19, Twitter whale activity monitoring bot account @WhaleAlert reported the transfer of 2.416 trillion SHIB tokens.
A double-check on the newly-launched Arkham Intelligence platform showed that the sending 0x34e address is associated with the embattled exchange, BinanceUS. Meanwhile, the receiving 0x058 wallet address is yet to be identified.
SHIB price currently sits at 0.0000077, meaning that this mystery 2.4 Trillion SHIB transfer is worth approximately $18 million. When Whales conduct such large transfers, it often causes huge price movements as other eagle-eyed investors attempt to front-run the trade.
However, with the receiving wallet address still unidentified, members of the Shiba Inu community have speculated that the BinanceUS exchange transaction could be connected to the imminent Shibarium launch next month.
If that optimistic sentiment remains valid, SHIB price speculation could ease up while the bulls regroup to reclaim the $0.0000085 territory.
SHIB Tokens Are Flying off Exchange as Bulls Double Down
Furthermore, the drop in SHIB exchange supply also confirms the widespread optimism across the Shiba Inu ecosystem this week.
Data compiled by Cryptoquant reveals that SHIB Exchange Reserve is down 4% from last week. As illustrated below, the dollar value of total SHIB supply across recognized crypto exchanges was $1.4 billion as of July 14. But as of July 21, it has dropped marginally toward $1.32 billion.
Exchange Reserves data assesses changes in the broad market sentiment by tracking the number of tokens deposited across recognized crypto exchanges.
As observed above, strategic investors often interpret it as a bullish signal when it drops, indicating that more investors are looking to HODL rather than sell quickly. Notably, the drop in exchange supply has already triggered a marginal SHIB price gain this week.
In summary, if the holders remain convinced that the mystery whale is not looking to sell, the ongoing SHIB price speculation could evolve into a bull rally.
SHIB Price Prediction: Eyes Firmly on the $0.00001 Target
Considering the positive market sentiment and declining Exchange supply, $0.00001 seems a realistic price target for Shiba Inu.
But currently, the bulls could face some resistance around the 0.0000085 mark. As seen below, the 407,000 investors that bought a total of 288 trillion SHIB tokens at the minimum price of $0.000008 could trigger a pullback.
Nevertheless, if that critical resistance level caves, then the SHIB speculation could drive the price toward $0.000010.
Yet, the Shiba Inu bears could invalidate the bullish narrative if SHIB breaks below $0.000007. However, as seen above, some of the 65,440 addresses that bought 32.5 trillion SHIB tokens at the minimum price of $0.000007 could offer bullish support.
But if the bears pull down that buy wall, then Shiba Inu could drop toward $0.000006.
Read More: How To Make Money in a Bear Market
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