Large Shiba Inu Transaction Sparks Market Attention
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1d ago- Whale Transaction Dynamics: Blockchain intelligence firm Arkham detected that wallet address 0x519Fe deposited and withdrew 61.63 billion SHIB tokens through Coinbase's hot wallet while SHIB traded at $0.00000776, highlighting significant market interest in whale intentions.
- Market Reaction Uncertain: While large deposits typically signal selling pressure, the subsequent rapid withdrawal suggests potential motives such as portfolio rebalancing or strategic positioning, leaving market participants skeptical about the true intent.
- Strong Historical Performance: Historical data shows Shiba Inu's impressive February performance, with gains of 20.3% in 2022, 1.59% in 2023, and a remarkable 41.3% surge in 2024, attracting attention from both retail and institutional traders.
- Complex Technical Indicators: Although SHIB attempted a breakout toward $0.000009 in mid-January, it failed to sustain momentum, with current support near $0.0000075; the formation of higher lows may indicate future upward movement, but confirmation requires breaking key resistance levels.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
